The Crystal Palace Hotel in Sydney’s CBD has been sold for the first time in 45 years, with Jimmy Galanakis and his family offloading the landmark pub to JDA Hotels for around $35 million.
JDA Hotels, led by John Feros, plans to transform the venue into a New York-style sports bar and boutique hotel with a rooftop offering.
Located in Haymarket, where JDA already operates three pubs, the acquisition boosts the group’s portfolio to 14 venues.
The off-market deal, managed by HTL Property, reflects growing investor interest in pubs as stable, high-yielding assets.
Source: AFR.
