Moelis continues its hotel acquisition spree

Moelis Australia Hotel Management has acquired the Kinselas Hotel in Sydney’s Oxford Street precinct for $45 million. 

This deal equals the highest price paid for a pub this year and follows the company’s acquisition of the historic Courthouse Hotel last month for $22 million. 

Both venues will be backed by wholesale investors and will sit within the MA Taylor Square Fund. 

“We've now consolidated all the [major] lots on Taylors Square, which offer an impressive hospitality frontage. Our plan is to open it up as a real late-night precinct following the repeal of Sydney's lockout laws,” Don Brady, Moelis CEO, told The Australian Financial Review.

“The precinct will be totally reimagined, “said Mr Brady when revealing Moelis’ plans, which include the addition of extra levels as well as introducing new entertainment experiences whilst maintaining the venues' historic status. 

“We will look to create a hospitality precinct that aligns with the City of Sydney’s vision of revitalising Sydney’s nightlife and growing creative industries.” 

Moelis managed, ASX-listed Redcape Hotel Group has also been active and added two venues to its $1 billion-plus portfolio. 

Redcape has just completed purchase of two Brisbane pubs: the Aspley Hotel and Shafston Hotel.

Redcape paid a combined $27.5 million to purchase the pubs from global food and hospitality company Delaware North.

Irit Jackson, 10^th December 2020