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.
