Colonial offloads Newtown Hotel

Colonial Leisure Group has sold the Newtown Hotel leasehold – marking its exit from the New South Wales pub market.

The Kospetas family’s Universal Hotels is the buyer.

JLL Hotels & Hospitality’s Ben McDonald and John Musca brokered the off-market deal.

The same agency sold the property, 174 King Street, to CLG five years ago; Keystone Property was that vendor.

Buyer, seller reweight

The Newtown Hotel sale comes four months since Paddy Coughlan sold tenant Justin Small the suburb’s Botany View Hotel for a speculated price of over $6 million (story continues below).

Also in January, Jon Adgemis’ Java Group paid Adella Wright-Young $13.25m for the Camelia Grove Hotel in neighbouring Alexandria.

The same buyer this week outlaid c$17m for Darlinghurst’s The Strand Hotel.

Late last year Moelis Australia spent $67m on adjoining venues in that suburb including the Kinselas Hotel which cost $45m – coincidentally from Universal Hotels.

CLG, meanwhile, in March, offloaded Fitzroy’s Bimbo freehold to Australian Venue Co, following another JLL off-market deal.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of