Crystal Palace Hotel sold after 45 years
The Feros family has swooped on the freehold going concern of Haymarket’s Crystal Palace Hotel, offered by operator Jimmy Galanakis after 45 years.
John Feros’ JDA Hotels has outlaid $37 million for venue, 730-742 George Street, licensed to trade until 3am, with 26 electronic gambling machine entitlements and 21 accommodation suites
It will be added to a portfolio of 13 venues, all on the east coast.
Three are in the Haymarket immediate area including the Mountbatten, which JDA bought for $7.5m in 2021, the Great Southern Bar and Charlie’s Chan Bar.
“We are very excited to add the Crystal Palace to our portfolio and in particular so as to enjoy the synergies we believe we’ll be able to create within a precinct we already know so well,” Mr Feros said.
HTL’s Andrew Jolliffe and Dan Dragicevich were the agents; opposite Central station, they also spruiked the site’s development upside and 50m height limit – on land zoned SP5 Metropolitan Centre.
The deal comes a week since we reported Ashton Waugh bought North Sydney’s Union Hotel from the Good Beer Company, for c$20m.
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