- Update: As foreshadowed, Newtown Hotel was sold to Universal Hotels
Exclusive: The popular queer-friendly Newtown Hotel in Sydney's inner west is close to being sold after its owner Universal Hotels put it on the market last year.
"I can confirm that we have exchanged contracts to sell the Newtown Hotel," Universal Hotels chief executive officer Harris Kospetas told Gay Sydney News via email on Friday.
"As the transaction is conditional on a number of factors, and the transaction has not yet settled, I am not in a position to disclose any further details at this time. Further details will be released once settlement is confirmed."
A pub source not authorised to speak publicly told Gay Sydney News that staff at Darlinghurst's Lord Roberts Hotel were recently informed they may soon be working at the Newtown Hotel. This has fuelled speculation that the Lord Roberts – owned by publican Susan Cameron according to land title records – could be the mystery buyer.
Separately, the same source and another source said they had been told Universal Hotels was in negotiations to acquire the Lord Roberts. Gay Sydney News could not independently verify either claim.
Neither Cameron nor the Lord Roberts responded to emails seeking comment. Kospetas also did not respond to questions about whether Universal Hotels was seeking to acquire the Lord Roberts.
In a curious development, Limes – a group for Sydney lesbians and their friends – recently announced it would host its final event at the Lord Roberts on June 27.
"Join us for dinner, drinks and one last dance at the Lord Roberts for Limes this Pride Month with Felix Da Kitty & Sexy Galexy. Plus Special Guests!" its event listing says. Limes was approached for comment about why it was hosting its "last dance" at the venue but had not responded by the time of publication.
The Lord Roberts is located on Darlinghurst's popular Stanley Street, a vibrant strip known for its cafes, small bars and historic terraces, just a short walk from Hyde Park. The Darlinghurst venue was set to be sold by Cameron to forex trader Adam Macfarlane in 2022 for $22.5 million, but property sources say the deal never eventuated.
In 2023, the Darlinghurst venue offered everyday people the chance to invest in it for as little as $5000 through a platform called Bricklet, which allows multiple people to buy small shares in a property instead of owning it outright.
The Newtown Hotel is currently operated by the Kospetas family, who also own other queer-friendly venues including the Imperial Hotel in Erskineville and several Oxford Street venues – Universal Sydney, The Riley and the Oxford Hotel – under the Universal Hotels brand.
Their portfolio also includes Civic, Crown Hotel, Darling Pavilion and the Palace Hotel.
Universal Hotels placed the leasehold of the Newtown Hotel on the market last August through an expressions of interest campaign managed by commercial real estate and investment firm JLL Hotels & Hospitality Group. JLL was approached but declined to comment.
Situated on busy King Street, the Newtown Hotel benefits from high foot traffic and proximity to Newtown train station and the University of Sydney. The dog-friendly venue is a community staple, known for its regular drag performances.
JLL said last year that the hotel holds trading approval until 1am, features 10 gaming machines and generates an average weekly revenue of more than $120,000.
Its ground floor comprises a public bar, beer garden, gaming room, pool room and a dormant kitchen. Upstairs, the first floor includes a bar, dining space, commercial kitchen and a popular balcony overlooking King Street, approved for trading two additional hours nightly from 10pm to midnight.
The top floor offers additional function spaces which, according to the agent last year, could be developed to increase capacity.
Universal Hotels purchased the leasehold from Chris Morris’ Colonial Leisure Group in mid-2021, according to industry news site Pubtic. The freehold is owned by a private Greek family who has held the asset for more than 30 years, Pubtic previously reported.
Ben Grubb is the founder and editor of Gay Sydney News, an independent publication covering LGBTQIA+ news. A journalist with more than 15 years' experience, he has reported and edited for The Sydney Morning Herald, The Age, WAToday, Brisbane Times, The Australian Financial Review, News.com.au, ZDNet, TelecomTimes and iTnews, primarily on the topic of technology. He previously hosted The Informer, a queer current affairs program on Melbourne’s JOY 94.9 radio station, and contributes to LGBTQIA+ media including Stun Magazine. Ben has also appeared as a technology commentator on Channel Ten's The Project, ABC RN’s Download This Show and commercial radio stations 2UE, 2GB and 6PR. Contact Ben: [email protected]
