Newtown Hotel Institution Sold by HTL Property 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 Blake Edwards and Sam Handy 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 45 years’ advised Vendor Donna Asensio. ‘Nonetheless, I’m pleased 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 advised.

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 buy or lease gaming machines.

The hotel has been acquired by a new consortium associated with the Stonewall Hotel in Darlinghurst.

The Stonewall Hotel has operated from its Oxford Street premises over a 26 year period, and is considered to be one Sydney’s premier LGBTQIA+ venues. The business was acquired by a US based company earlier in the year with aspirations of expanding the Stonewall brand across Australia and into the Asian market. ‘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’ suggested HTL Property Director, Blake Edwards.

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

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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