The paladin Robin Hood Hotel has sold to Jason Marlow for what is thought to be a record sale for regional pubs.
The large-format Robin Hood is on a sprawling 32,700sqm block in the heart of Orange, and known for its quality restaurant facilities, enjoying strong trade of local clientele as well as tourism and special event-based patronage.
For the past 22 years it has been under the care of the Marshall family, who now bid farewell to Robin and his merry game.
“Our family has thoroughly enjoyed its tenure at this wonderful hotel, however it is time to move on, and in doing so we are delighted to pass the reins to another family enterprise with a rich history of hotel operations,” offered Warwick Marshall.
The Hood has been acquired by a new regional fund set up and managed by prominent Sydney hotelier Jason Marlow and his wife Peta, for a price local sources say was around $19 million.
The purchase is both a sign of the market’s shift toward regional centres and an example of the wide scope being considered by operators and investors.
Marlow already holds an impressive suite of metropolitan hotels, including Surry Hills’ Crown and Casula’s Crossroads, and sees The Robin Hood as opportunity to expand operations to include the right hospitality assets in areas outside the cities or the coast.
“Having physically assessed numerous regional centre opportunities in the past few years, we have identified Orange as a geographical location with multiple revenue inputs and an underlying economic base we feel will sustain high quality offerings such as the Robin Hood well into the future,” says Marlow.
“Warwick and his family have done a fantastic job with the hotel, and we look forward to continuing the high-level operation he has clearly provided for many years.”
The sale was conducted off-market through HTL Property’s Andrew Jolliffe and Dan Dragicevich, who note its significance in the current climate, and the substance generated by the vendors.
“Our client is to be congratulated for the way in which he and his family have curated such a high-grade offering over a number of years, and the sale represents for the Marshall family a fitting exit following numerous years of dedication to service and the Orange community,” says Jolliffe.
