22 April 2025
The Good Beer Group has divested the Union Hotel to Watering Hole Hotels in a deal brokered by HTL Property for a reported $21 million.
The transaction, negotiated by HTL agents Dan Dragicevich, Andrew Jolliffe and Sam Handy, sees Ashton Waugh-led Watering Hole Hotels expand its portfolio to 15 venues across New South Wales. The Union Hotel, a long-standing landmark on the Pacific Highway, comprises a 784sqm landholding and over 1,200sqm of trading area across two floors. It holds a midnight hotel licence and operates 26 gaming machines, with annual revenues exceeding $5.6m.
Watering Hole Hotels founder Ashton Waugh said the group was “delighted to acquire this significant Sydney freehold hotel” as part of a broader strategy to expand across both metropolitan and regional areas.
HTL Property national director Dan Dragicevich observed a rising buyer appetite for hotel assets, citing them as “resilient and recession-proof” in the face of global uncertainty. He also noted that expected interest rate cuts were likely to boost on-premise trade, further supporting hotel yields.
The Union Hotel is being sold amid continued activity by the Good Beer Group, which retains a portfolio of predominantly CBD-based venues, including the Edinburgh Castle Hotel, the Coronation Hotel and the KB Hotel in Surry Hills. Another holding, the Harold Park Hotel, is currently on the market through HTL Property.
HTL Property director Sam Handy said the North Sydney CBD was experiencing “unprecedented and significant growth” through government investment and private development, with an additional 6,000 residents and 20,000 workers forecast over the next decade. He added that only seven pubs currently serve the growing population in the precinct, reinforcing the appeal of the Union Hotel’s fundamentals.
HTL managing director Andrew Jolliffe said the transaction underscored a trend among investors to seek out “hard yielding robust and sustainable property investments” in response to volatility in equity markets.
Watering Hole Hotels, led by generational publican Ashton Waugh, is a Sydney-based hospitality group that owns and operates 15 pubs across New South Wales. Their portfolio includes a mix of heritage-rich venues and modern establishments, such as the Ettalong Hotel near Ettalong Beach, the Narellan Hotel in Macarthur, and the Grosvenor Hotel in Waterloo. They also manage regional favorites like the Commercial Hotel in Dubbo, known locally as “The Mersh,” and Joe Maguires in Tamworth, recognized as the birthplace of the Tamworth Country Music Festival.
The Good Beer Group sold the Commodore Hotel in McMahons Point to Glenn Piper in 2023 for a reputed $29 million.