The Narwee Hotel is an unremarkable pub in a rundown strip in Sydney’s south – big on parmigiana, short on charm. There’s an outdoor TAB, where punters can chuff on a ciggie as the nags battle it out on the big screen. There’s a bistro, a bottle shop and a patio, where you can peer across the car park to the railway tracks. Upstairs, you can book a room for $129 a night.
There’s nothing much to indicate that this is now among the most valuable hotels in Australia. But around the side is a tarted-up entrance where red ropes hang on golden poles either side of a couple of tatty red mats. This Vegas-esque entrance allows for discrete access into the gambling den where 30 well-spaced poker machines (the maximum allowed) glow and chortle in a dim, windowless room. Each has its own comfortable reclining chair and ashtray.
