Restaurateurs Frank and John van Haandel will pocket close to $20 million from selling St Kilda’s Prince of Wales Hotel to a Sydney consortium.
The deal is in due diligence according to sources.
Any sale comes 18 months since the pair split as business partners.
They paid $4.3m for the St Kilda hotel in 1995.
Another $2.5m was spent on a renovation.
Following the disposal, Frank will retain two restaurants including the nearby Stokehouse.
John meanwhile will hold c$65m Byron Bay Beach Hotel
Jones Lang LaSalle’s Matt George, understood to be marketing the Prince of Wales, declined to comment.