Van Haandel brothers to sell Prince of Wales

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.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco

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