The Feros brothers’ JDA has sold the sprawling Mill Hotel in Milperra to Jason Marlow’s Hotel Group.
The Mill is a hospitality arena, spread across a 9,527sqm landholding. It incorporates an efficient tavern style operation, thriving foodservice offering, gaming room with 26 EGMs, and substantial on-site parking.
JDA Hotels is led by second generation hotelier siblings John and Dean Feros, and Alexandra Henderson.
The group has owned and operated The Mill since 2005, in that time carrying out major extensions and renovations, almost doubling the trading footprint.
It reportedly generates more than $14.5 million in annual trade across well-rounded revenue streams, sustaining a strong f&b trade, but JDA see now as time to find new outlets for the equity.
“We’ve been quite acquisitive in Chinatown recently, and have also undertaken some large-scale renovations throughout our existing hotel portfolio,” explains JDA CEO John Feros.
“And whilst the Mill is quite sentimental to us, we made the collective decision that the time was right to pass the baton, and in doing so are thrilled that Jason and Peta Marlow will now steer the venue moving forward.”
Marlow Hotel Group are third generation operators, and build on an impressive portfolio of eight family-friendly venues with The Mill, for which sources suggest they have paid circa $60 million. In April Nelson Meers paid $160 million for the thriving Crossroads Hotel in Casula, just 15 kilometres west.
Agents would not confirm the price paid other than to say it met market guidance, but suggest in view of further announcements pending, the strength of the hotel market is “greater than that of other property classes” for the foreseeable future.
“JDA have done an incredible job in establishing The Mill as one of the most popular and diversified hotels in Western Sydney, handing over an operation underpinned by irreplaceable trading fundamentals and clearly positioned for continued prosperity,” says HTL Property’s Dan Dragicevich, who brokered the deal with colleague Andrew Jolliffe.
