The Olympic Hotel on Parker Street

The Olympic Hotel business on Parker Street is up for sale for the first time in seven years.  

The hotel business was purchased by the Phillips family on New Years Eve in 2015, who refurbished and revived it to its former glory, and protected it to survive through the challenging Covid pandemic. 

Despite enjoying their time with the hotel, the family have made the decision to chase new goals and aspirations, offering the business up for sale. 

The traditional corner hotel has become an institution in Cootamundra over the years, focusing on its customers and quality service. 

The hotel business offers multiple and diverse income streams, including accommodation, liquor sales, restaurant and bistro, takeaway, coffee shop and takeaway facet that has broadened their business. 

Nick Tinning, Hotel broker who sells pubs all throughout NSW, is selling the Olympic Hotel, which will consist of all equipment as well as a three-year lease, with an option to extend to 10 years.  

“Ben is selling the pub side of the business which he has a lease hold on. There could also be an opportunity to purchase the freehold as well. But the current owner of the property will most likely retain it,” Tinning said. 

“We’re expecting the business to take three to six months to sell. Interested buyers can come and approach us and we provide them with a report which they can take to their financial advisor. We will take them for an inspection through the hotel and negotiate a price. 

“We’ve just been asked by Ben to drop the price on the lease hold of the business to $90,000. We’re expecting it to be a pretty popular item on the market. It’s position on the corner is where modern hotels are meant to go. It has nice surroundings with very strong food and beverage presentation available.” 

Current owner of the Olympic Hotel business, Ben and Alysha Phillips, spoke to The Times about their decision to sell. 

“We’re looking for a new challenge. We’ve sort of achieved everything we wanted to do. I’ve moved into pursuing a career as a teacher, teaching through tech and hospitality. We’ve had some good years there but we’re ready for the next chapter,” Ben said. 

“I’m going to start teaching at Murrumburrah High. We’ve got three school aged kids, my daughter’s about to move into year 11 and 12, and I’ve got two other kids who are happy in their schools. It’s only a 20-minute commute.” 

Despite the sale of the business, Ben said there are still plenty of good memories whilst at the Olympic Hotel. 

“I liked the flexibility the Olympic Hotel business bought a lot of flexibility to our lives. We’ve be able to do a lot of things that we wouldn’t be able to do working for someone else. Employing young locals has been good too,” Ben continued. 

“Prior to the Olympic Hotel we were at the Country Club for nearly 10 years. We were again looking for a new challenge and the pub had been sitting there idle for 12-18 months and we just jumped at the chance. We wanted to carve our own niche out in the food scene in the region, and I think we’ve done that.” 

Tim Warren