Moelis Australia acquires Kinselas Hotel for $45m after acquiring neighbouring Courthouse Hotel
Equity firm Moelis Australia has paid $45m to acquire the iconic Kinselas Hotel at Taylor Square in Darlinghurst.
The acquisition follows the company purchasing the Courthouse Hotel, which is located directly beside Kinselas Hotel for $22m last month.
The cumulative purchase price of $67m for the two adjoining properties combine the northern and southern ends of Taylor Square. It will allow Moelis Australia to create a large scale hospitality precinct.
Moelis Australia Hotel Management CEO Dan Brady said both venues will undergo major changes when they come under one umbrella next year.
“We are looking to create a hospitality precinct that aligns with the City of Sydney’s vision of revitalising Sydney’s night-life 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.”
With high and ornate Art Deco ceilings, the building was a funeral parlour run by Charles Kinsela between 1933 until 1982, when it was redeveloped into a pub.
The amalgamated site in its current form features multiple restaurants, several pubs, poker machines and a nightclub.
Kinselas Hotel last changed hands in 2017 after Riversdale Hotel Holdings sold the property to Kospetas Property Group for around $23m.
Both the Kinselas and Courthouse Hotels will be held upon settlement in February by MA Taylor Square Fund, a stand-alone unlisted fund managed by Moelis Australia Hotel Management.
Moelis Australia controls one of Australia’s largest hotel portfolios, Redcape Hotel Group, and was behind the $104m purchase of the Byron Bay Hotel this year.