Moelis Australia Hotel Management (MAHM) is paying $45 million for Darlinghurst’s Kinselas Hotel – adjoining the Courthouse Hotel which cost it $22m last month.
The amalgamation is considered a development site and allows for a new hospitality precinct on the west side of Taylors Square, between Oxford and Campbell streets, the ASX listed landlord and operator said.
“Both venues in their own right are quality freehold going concern assets that will benefit from our platform expertise and the reopening of Sydney following the repealing of lockout laws in January,” MAHM chief executive officer Dan Brady said.
The properties will settle in February.
Elsewhere in the suburb this month St Vincent’s Hospital paid an undisclosed amount speculated to be no more than $10m for Green Park Hotel, which it will occupy.
2020 pub record could be a draw
The Kinselas Hotel sale price matches that which Iris Capital paid for south west Sydney’s Narwee Hotel last week – and is the highest for an Australian pub so far this year (story continues below).
Vendor, the Kospetas family’s Universal Hotels, paid $23m in 2017.
The three level Art Deco venue was previously owned by a hospitality consortium controlled by business heavyweights John Singleton, Geoff Dixon and Mark Carnegie, which spent $12m in 2013.
Four months ago, the De Angelis family invested $43m on Liverpool’s Macquarie Tavern – a price which until the Narwee Hotel disposal, was the priciest for an Australian pub this year.
In November Redcape paid $38m for Dulwich’s Gladstone Hotel and two surrounding bottle shop retail investments.
Outside of Sydney, Hotel Property Investments recently spent $31.3m on Brisbane’s Mango Hill Tavern and $22.1m for the Summerhill Hotel and a neighbouring retail investment rented to a Chemist Warehouse at Reservoir, in Melbourne’s north.