- Moelis Australia (MOE) has exchanged contracts to purchase adjoining Kinselas and Courthouse Hotels for $67 million in Darlinghurst, Sydney
- The two hotels will create a huge development opportunity for the company in Taylor Square
- The hotels are great assets which will benefit from the reopening of Sydney, following the revoked lockout laws in the state
- Settlement of the properties is expected to occur in February 2021
- On market close, Moelis is up 2.36 per cent and is trading for $4.78 per share
Moelis Australia (MOE) has exchanged contracts to purchase adjoining Kinselas and Courthouse Hotels for $67 million in Darlinghurst, Sydney.
The two combined hotels create a prominent development opportunity in Taylor Square as the company owns will own the whole block. Both hotels will be acquired by the MA Taylor Square Fund, who is owned by Moelis Australia Hotel Management (MAHM).
MAHM is an experienced investment manager and one of Australia’s leading hotel operators.
MAHM CEO Dan Brady said the hotels are great assets that will benefit from the company’s platform expertise and the reopening of Sydney, following the revoked lockout laws in the state.
In 2014, Sydney changed the laws to stop the public from entering bars or night clubs after 1:30 am. Now, the new rules will see people allowed to enter bars after 1:30 am and order alcoholic drinks until 3:30 am.
“Located opposite the fine arts school and previous historic Courthouse, the consolidation of the properties into one large site presents unique development potential and the ability to create a hospitality precinct that aligns with the City of Sydney’s vision of revitalising Sydney’s nightlife and growing creative industries,” he said.
“With capital investment we are excited to reposition the existing venues and unlock the future potential value of this prominent site,” he added.
Settlement of the properties is expected to occur in February 2021.
On market close, Moelis is up 2.36 per cent and is trading for $4.78 per share.