Pallas Capital has provided an 18-month construction loan to pub operator Feros Group for its Armidale hotel in regional NSW, Green Street News can reveal.
Proceeds from the $17.35m facility have funded the acquisition and the ongoing refurbishments of the heritage listed Wicklow Hotel at 87 Marsh Street.
Feros Group bought the asset for an undisclosed amount in the middle of last year. It was listed for sale at $9.8m in early 2024.
Previously known as the Armidale Hotel, the asset is the oldest licensed pub in the New England region. It spans 1,870 sq m across two levels in a corner lot within the Armidale CBD.
Fugen Constructions was tapped to deliver the refurbishments estimated to cost around $5.8m. It involves stripping out and rebuilding the existing hotel, including significant internal reconfiguration and services upgrades.
Pallas Capital said it’s looking forward to seeing Feros Group bring this heritage hotel back to life.
“Feros Group are well established hoteliers with a portfolio of great venues across Sydney,” it said. “They have a strong track record as multi-site operators and bringing this heritage asset back to life, fits well within their wheelhouse.”
The group has also refurbished the Helm Bar & Bistro in Sydney’s Darling Harbour, which it completed last year.
Feros’s current venues include the Prince Bar in Kirrawee, the Public House and the Botanical in Caringbah and the Berry Hotel in Berry.
The hospitality company was founded by Nicholas Feros in the early 1970s and is now managed by his son Nick.