One of the Goulburn's best-known hotels has a new owner.
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The Empire Hotel has been sold for $3.55 million to a Sydney resident earlier this month.
"The buyer is a new entrant to the hotel industry and plans to spend money on the Empire Hotel and significantly improve the offering," HTL Property's Blake Edwards said.
The transition is expected to take place before Christmas.
The process yielded seven offers to purchase, with a mixture of both local and Metropolitan Sydney interest with a first-time Sydney based buyer being the successful bidder.
"I have operated the business here for in excess of 20 years, so the sale is a mixture of emotions for me," Mr Deeth said.
"But we're delighted with the result and excited to see the incoming operator inject some much needed investment into the gaming room and building upon the platform we're leaving behind."
With current annual revenues of $1.3 million, the hotel features a 3am liquor licence with the business seldom trading past 11pm. There are 15 gaming machines attached to the licence with currently no outdoor gaming room smoking solution.
Vendor Jude Bourne has owned the hotel since 1985 and operated it since 2003 after a lease expired.
"This hotel has been a part of our family's life for almost 34 years, but it's now time to do a bit more travel and spend some more time with the grandchildren," Bourne said.
Today, it features a bar, bistro, nine gaming entitlements and promotes 18 accommodation rooms directly across the road from Goulburn Railway Station.
The sale will be managed by HTL directors Sam Handy and Blake Edwards.
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