Bondi’s Topikos hotel snapped up by Edward Ryan
A Bondi Beach hotel has been snapped up by Edward Ryan of the famous hotelier family.
Topikos is one of just a few beachfront hotels in the world-renowned strip, with the fifth generation of the Ryan family snapping it up for an undisclosed sum.
25-year-old Edward Ryan won a competitive on-market process for the high-profile Campbell Parade property, which was sold by the private operator via Andrew Jolliffe, Dan Dragicevich and Xavier Plunkett of brokerage agency HTL Property.
“Bondi hotels are particularly rare beasts, numbering only four in total, and are both consequently and unsurprisingly tightly held as a result,” Jolliffe said.
Ryan has big plans for the hotel.
“I’ve worked within and alongside my extended family in the Sydney pub market for a number of years and look forward to continuing to do so regarding this exciting opportunity,” he said.
“Living locally my whole life provides me with a good perspective on where there might exist market gaps we’d like to explore; and I look forward to doing so given the solid platform the current management team have created at the hotel over a number of years.”
The sale price is in line with market guidance.
“We’re delighted with the outcome for our valued clients, and look forward to continuing the positive market momentum,” Dragicevich said.
Topikos shares its name with its Greek high-end restaurant, with the hotel also featuring an alfresco dining space, 20 gaming machines, a 1am licence and 400-person capacity.
It has a 24-year lease term remaining.
The last five years has seen a flurry of activity in the hotel acquisitions space.
The sale of Topikos follows other big name properties including Icebergs Dining Room and Bar to private hospitality company The O’Brien Group in 2018, and Bondi Beach Noah’s Backpackers, for $68 million by pub baron Jon Adgemis’ PUBLIC Hospitality Group in 2022. Justin Hemmes bought Bondi’s Royal Hotel for more than $30 million in 2019.
The Lansdowne Hotel in central Sydney and Roma’s Royal Hotel in Central Queensland could be the next to be acquired.
Jonathan Jackson, 24th July 2023
