Crown Hotel, Surry Hills sale completes Lantern Hotels sell-off

Sydney's Surry Hills Crown Hotel has been sold to Peak Investments for $26.1 million.

The property was sold by Lantern Hotels through CBRE Hotels and Ray White Hotels

The Crown Hotel, corner of Crown and Cleveland streets in Surry Hills, is a four-level Victorian-style hotel with a 24 hour liquor licence an existing three hour gaming shutdown and 30 gaming machines.

Daniel Dragicevich, CBRE Hotels national director said the private funds management style of purchaser is becoming more and more prevalent and provides genuine competition for the traditional pub families when quality assets are put to market.

"Peak Investments has been strategic in its selective investment approach following its entrance into the NSW market two years ago with the purchase of the Rose & Crown Hotel in Parramatta," he said.

Andrew Jolliffe, Ray White Hotels managing director said the divestment strategy was kicked off by Lantern Hotels with the Dolphin Hotel, a little further up the road in Crown St.

The sale marks the end of Lantern Hotels's sell-down strategy of 16 non-core and core pub assets.