St Kilda’s Prince of Wales sold
Grant Smillie has bought St Kilda’s landmark Prince of Wales Hotel with plans to revitalise.
The leasehold was held by Australian Venue Co. The freehold has been owned 10 years by Jackalope Group, led by Louis Li, who also revamped the asset creating 39 luxury guest rooms.
The freehold was offered for sale in mid-2023 with c$50 million price expectations.
The management deal to Mr Smillie comes four years since Sand Hill Hotels sold the nearby Esplanade Hotel for $64m.
Also this week we are reporting Sydney Roosters chairman Nick Politis sold a Gold Coast hotel for $50m.
Revamp planned
Established in 1862 and rebuilt in 1937, Mr Smillie intends to convert upper level function space of 2 Acland St, on the corner of Fitzroy St, into a rooftop bar, expected to be open by summer.
The ground level will also be redesigned but the band room is expected to remain intact.
“Some places just get into your blood,” the hospitality executive said (continues below).
“The Prince is one of those places for me…I spent some of the most formative years of my life there – DJing through the Onelove era in the Bandroom, finding my footing as an artist and falling in love with what a great venue can do to a city,” he added.
“It’s great to announce that I’m taking the reins,” Mr Smillie said.
“We’re bringing back the soul that made this place matter, opening a new rooftop dining and drinking destination, restoring the Public Bar to what a great pub does best, and putting live music and culture back at the centre of everything.
“The Prince has genuinely shaped Melbourne.
“I’m honoured to be at the helm of its next chapter”.
Mr Smillie is also behind Southbank’s Ponyfish Island and Marmont.
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