After seven years of ownership, the Anderson and Short families, with Martin Short as operator, have sold the multi-level Tudor Hotel in Redfern, Sydney for what it is speculated to be around $17 million.
The property was bought by investors associated with the Kospetas Family’s Universal Hotels.
Universal Hotels is a family-run company that has been operating in the Sydney hotel market since 1998 and owns more than 15 venues including The Crown Hotel and Ni Hao bar.
“We’ve had such a great time running and evolving the Tudor over the past several years. It is a true local gem, full of character and charm,” said Martin Short.
“Whilst it was a difficult decision to make, the sale was the right next step for our businesses. It’s time for us to pass the baton on The Tudor, but there’s still so much that can be achieved”.
Redfern is a dynamic city-fringe suburb about 3 kilometres from the Sydney CBD.
“The sales activity in Redfern in recent times has been remarkable, underscoring the hospitality renaissance of the precinct,” noted HTL Property’s National Director, Dan Dragicevich.
“We’re on record talking to the demand underwriting the strength of the sector in 2022, and record sales such as this one, and others, reconfirm the immoderate attraction being portrayed by key stakeholders actively seeking greater exposure,” concluded HTL Property Managing Director, Andrew Jolliffe.
Other recent deals in New South Wales include Sue Cameron’s sale of the Lord Roberts hotel for $22.5 million and the sale of the Windsor Castle hotel for $51 million.
The Redfern sale is an example of how experienced private hoteliers and long-term family operators continue to add to their extensive portfolios when an opportunity arises.
The 2021 calendar year saw a $1.6 billion turnover in pub sales, with a drastic increase in regional sales.