The owners of a number of Sydney venues have added Redfern’s Tudor Hotel to their extensive pub portfolio.
The property has been sold by the Short and Anderson families to investors associated with the Kospetas family’s Universal Hotels for $17 million, according to Nine newspapers.
“I always loved the Tudor and its presence as a corner pub,” said Harris Kospetas.
“Redfern and Waterloo are showing huge growth and evolving demographics which we felt have a synergy with our current portfolio of venues.”
Universal Hotels runs a number of venues across the inner city including the Newtown Hotel, Crown Hotel, Tempe Hotel and the Bat and Ball. The Kospetas family secured the Bat and Ball hotel near the Sydney Cricket Ground for a reported $10 million earlier this year.
Tudor Hotel operator Martin Short said the decision to sell was a tough one.
“We’ve had such a great time running and evolving the Tudor over the past several years,” he said.
“It is a true local gem, full of character and charm. Whilst it was a difficult decision to make, the sale was the right next step for our businesses.”
“Universal Hotels will no doubt seize the opportunity to carry on all the great work our team has done there, putting their own twist on it into the future,” added Short.
“We sincerely thank all of the team members we’ve had the pleasure of working with at The Tudor and all the local faces we’ve come to know and love. It’s been a really rewarding and satisfying time.”
Kospetas said the company will take time to review operations at the Tudor Hotel but has no immediate plans to make changes.
“The Tudor is a true community gem and that’s what we love about it,” he told Australian Hotelier.
“Initially we will take the time to connect with the community and review if there is any potential for positive improvements.
“W. Short [Hospitality Group] has done an amazing job over the last period as custodians of the venue.”
The sale process was overseen HTL Property’s Andrew Jolliffe and Dan Dragicevich, who commended the outgoing operators.
“The sales activity in Redfern in recent times has been remarkable, underscoring the hospitality renaissance of the precinct. Marty and the team have done a fantastic job with the Tudor during their seven-year tenure, a true local favourite, which presents investment fundamentals that future-proof its continued success,” stated Dragicevich.
The Short and Anderson families continue to have an on-premise in the local area with The Redfern and Misfits.