Pub barons battle for supremacy as iconic Sydney venue trades hands in 60 year first

Universal Hotels, which now owns around 15 venues across Sydney, has snapped up one of Newtown’s most recognisable pubs after it first went to market in July last year. 

The Carlisle Castle Hotel at 17 Albermarle Street in Newtown, sold towards the end of last month, marking the first time in 60 years it has traded hands. It had been on the market for around 10 months.

The vendors were the Hassett family, headed by 92-year-old Marie Hassett, who celebrated her 90th birthday in the pub only two years ago. The family had owned it for the entire six decades.

Hotel specialists MQ and Associates had managed the sale, with director Leonard Bongiovanni saying the sale had attracted a lot of interest.

“The property represented a generational opportunity, and the level of enquiry reflected the continued demand for quality inner-city hotel assets,” he said.

The Kospetas family, who head Universal Hotels, were identified as the purchasers, adding to their portfolio of hotels including the Oxford Hotel in Darlinghurst, and the Civic Hotel in the CBD. It acquired five pubs in 2025 alone.

The Carlisle Castle Hotel is a Newtown icon. Picture: realcommercial.com.au

MQ and Associates’ director of sales Tom Cullen said there is strong demand for well-located metropolitan hotels “with both character and upside”.

While a sales price wasn’t disclosed, MQ and Associates said there was strong interest, reflecting the strength of Sydney’s pub culture.

Big bucks for the beer barons

Pubs are increasingly big business, especially in Sydney, where hotels have historically been tied to working class communities and territories, interwoven with parochial links to rugby league.

HTL Property managing director Andrew Jolliffe – himself a Sydney Roosters board member – explained this to realcommercial.com.au in March.

“The history of pubs in Australia has been one that commenced originally as brewery leases and families were identities in a different suburbs and they needed to participate in the community and be hospitable,” he said.

Pictured at one of his pubs, The BellÃs Hotel at Woolloomooloo in Sydney is Arthur Laundy. Many of the pubs he owns remain as they have been for years – un-renovated with only minor updates. Picture: Richard Dobson

The popularity of Sydney watering holes has been recognised internationally, with Kuleto’s in Newtown – formerly the Milton Hotel – snapped up by US-based Pride Holdings Group, which focuses on serving the LGBTQ community.

It also owns the Stonewall Hotel in Darlinghurst.

The vendor of Kuleto’s was Donna Asensio who had owned it for more than 40 years.

At one time Ms Asensio also owned The Hampton Court Hotel, originally established in 1877 and the oldest in Newtown, as well as the Beresford Pub in Surry Hills.

She previously told The Daily Telegraph she missed the days of pre-gentrified Newtown.

Other recent inner-west pubs to hit the market include Erskineville’s Kurrajong Hotel, and the Town and Country in St Peters.

Pub power could also be further consolidated after tycoon Jon Adgemis amassed $1.8 billion in debt, declared bankruptcy, and was forced to sequestrate his 20-plus pubs, including the Kurrajong.

Former pub baron Jon Adgemis. Picture: Liam Mendes / The Australian

Ray White Research found the hotel sector amassed $4.72 billion in transactions in 2025, up 42.5% from 2024, with average deals reaching $13.88 million.

A growing part of this is the pub scene, according to Ray White head of research Vanessa Rader.

“Pubs remain a particularly hot investment class, with their strong locations and income streams not going unnoticed by private and institutional buyers alike,” she said.

“This momentum looks set to continue as offshore investors respond to Australia’s tourism recovery and reputation as a stable investment destination.”

Publican Donna Asensio misses the old days of Newtown. Picture: Alex Coppel / The Daily Telegraph

The relaxing of lockout laws is also set to strengthen the sector.

While individuals and small family-run operations are increasingly muscled out of the sector, perhaps the most well-known family-run conglomerate is Laundy Hotels, headed up by billionaire Arthur Laundy. They are key sponsors of the Canterbury-Bankstown Bulldogs.

The pub tycoon snapped up the Woy Woy Hotel for $40 million just over a week ago, adding to his portfolio of around 40-50 venues primarily across New South Wales.

Still, this is small fry compared to international giants such as Endeavour Group, which spun out of Woolworths Group in 2019, and owns or operates upwards of 400 venues around Australia.

Australian Venue Co is firmly in second place, owning or operating around 200 venues Australia-wide.