Event Hospitality & Entertainment has put its Rydges Bankstown hotel up for sale as part of plans to divest $250 million of non-core assets and return the COVID-19-hit hotel and cinema group back to profitability.

The 111-year-old company, backed by Financial Review Rich Lister Alan Rydge, revealed the divestment strategy in February after revenue fell 58 per cent to $294 million over the December half year and after it swung to a $31 million operating loss from a $144 million profit a year earlier.