Newtown Hotel Institution Sold by HTL After 42 Years

Newtown hotel staple, Kuleto’s, has been sold amidst surging demand and limited supply for inner city fringe hotel assets.

HTL Property’s Sam Handy and Blake Edwards negotiated the deal on behalf of long-time owner Donna Asensio; who cites an exit from the industry and impending retirement as her rationale behind the sale.

‘I will leave Kuleto’s and the Newtown community with a very heavy heart, as it has been my home for the better part of 42 years’ advised Vendor Donna Asensio.

‘Nonetheless, I’m elated with the outcome that HTL Property has delivered on Kuleto’s and look forward to seeing what the incoming operators will do with some fresh ideas and direction’ Asensio added.

The hotel has been acquired by a new consortium with plans of activating an edgier food and beverage offering that will better resonate with the Inner West community and demographic.

‘Kuleto’s is an important part of the history and fabric of the Newtown community, and the locals should rest assured that the incoming operator will be a more than worthy custodian of the business’ HTL Property Director Sam Handy suggested.

‘We’re delighted to have curated this outcome for our client and have a strong sense that the inner-city market will enjoy sustained investor interest over the course of the next 12-18 months’ Handy added.

The transaction follows some of HTL Property’s other recent inner city Hotel sales including the Nags Head Hotel (Glebe), Friend in Hand Hotel (Glebe) and the Royal Albert Hotel (Surry Hills).

Formerly known as the Milton Hotel, the three-storey building is prominently positioned at the northern end of Newtown; featuring a cluster of some of Sydney’s very best bars, restaurants, breweries, and pubs. Kuleto’s is situated just metres from both the Marlborough and Newtown Hotels.

Currently positioned in the market as a cocktail bar, it is broadly accepted that Kuleto’s would benefit from an incoming operator repositioning the offering with a revised food and beverage proposition in addition to executing a renovation and refurbishment.

Featuring a hotel liquor licence with rare 3am trading hour approval (Monday to Saturday) on both the ground and first floor, the property is situated within a green zone SA2; so, an incoming operator could quite easily buy or lease gaming machines.

Whilst not disclosing the successful sale price, HTL Property confirmed the price paid was consistent with market guidance provided by the expert agency over the course of the sale campaign.

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