Sydney-based hospitality group, The Keystone Group has announced the sale of the Newtown Hotel to the Colonial Leisure Group.
According to managing director of The Keystone Group, John Duncan, the Group were not actively looking to sell the Hotel, but were approached by the Colonial Leisure Group in December 2015 with the unsolicited offer, and from there chose to take advantage of favorable market conditions.
“We are pleased to confirm the sale of The Newtown Hotel to Colonial Leisure Group,” says Duncan. “It has been a very successful venue for us, and we know it will continue to trade strongly in an exciting suburb. For The Keystone Group, the sale will allow us to continue to focus on building and expanding our core brands across our bar and restaurant portfolio.”
The handover is expected to take place in late March 2016, and the venue will continue to trade as Newtown Hotel.
The Keystone Group purchased the venue in 2010 and since undertook significant renovations including the opening of the Animal restaurant on the upper level.
The Group currently operates 20 venues across Australia.