Newcastle’s Mary Ellen Hotel has been sold by its newcomer local owner to private hotel investors.
Merewether resident Adam Sherman purchased the Mary Ellen off-market late 2016, bringing extensive hospitality and business experience including decades owning and operating multiple McDonalds stores.
While eager to succeed in the new sector, the serial entrepreneur listed the Mary Ellen in January when a new opportunity in an unrelated business manifested.
“I think any time you get a new owner with a different set of eyes and a different skill set, hopefully you add some value to the business,” he posited.
The pub counts a public bar, restaurant, gaming room with 14 EGMs, wagering, and a bottleshop, as well as eight unused accommodation rooms on the first floor. It is licensed until 3am, but currently trades until midnight, reporting around $93k weekly revenue.
The sale campaign was through CBRE Hotels’ Ben McDonald, in conjunction with Deane Moore of Moore & Moore Real Estate, who declined to comment further.
The experienced new owner asked to be not named at this stage, and sale price was not disclosed but sources say it reflected a return circa 11 per cent.