Surry Hills icon Kinselas sold to Universal Hotels

Surry Hills icon Kinselas sold to Universal Hotels
Surry Hills icon Kinselas sold to Universal Hotels

Universal Hotels, the hospitality vehicle for the Kospetas family, have purchased the Surry Hills landmark, Kinselas.

It's been sold by the Australian Pub Fund, the groups sixth hotel sale in as many months.

No sale price has been given with estimates of $22 million, and $23 million up to $30 million.

Andrew Jolliffe at Ray White Asia Pacific sold the property through an expressions of interest campaign.

“Kinselas, since its inception as a hotel in 1910, has been a very popular entertainment magnet and a mainstay upon the Sydney hospitality landscape" Jolliffe said.

"The multi-level and two street fronted nature of the hotel, complete with a full suite of gaming machines and a deliberate connection to music as a revenue lever, means the business' multi-faceted appeal ensures strong patron support across the breadth of licensing hours available to it."

Surry Hills icon Kinselas sold to Universal Hotels

Universal Hotels is headed by patriarch Jim Kospetas and is supported by his sons Harris and Steven.

Sydney CBD's Civic Hotel, V Bar, and Hotel Downing all fall under the Universal Hotels ownership. They recently opened 1821 in Martin Place.

Australian Pub Fund now has just the four hotels in their portfolio.

In Sydney they have the Unity Hall in Balmain and the Vic on the Park in Marrickville while in Brisbane they own the Stock Exchange and the Elephant Arms.

Australian Pub Fund director Matthew Beach said the sale of the property aligned with the company's strategy.

"The sale of Kinselas is consistent with the fund's previously announced strategic objectives to sell our pubs at cap rates that reflect their market value, as well as illustrating our desire to deal at market value with experienced buyers" Beach said.

There was limited price guidance on offering but it was written by trade press that Newtown's Marlborough Hotel and Kinselas in Surry Hills, came with combined expectations of about $60 million.

The Marlborough fetched $30 million to $35 million last month. 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Surry Hills Hotel Sale

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