The Solotel shake-up continues, seeing a buy and lease-back in the inner west, construction in the west and the statuesque Kings Cross Hotel sold to the Gravanis brothers’ Oscars Group.
Built 1914, the towering six-level Federation style Hotel stands at the gateway to Sydney’s famous Kings Cross, overlooking the iconic Coca-Cola sign.
It combines a sports bar, lounge bar, gaming room with 24 machines, three levels of entertainment and function areas, and a popular rooftop with views of the Sydney skyline, all under a coveted 24-hour trading approval.
The Solomon family’s Solotel has owned and operated it for more than a decade, through the suburb’s forced transformation in recent years.
Long known as Sydney’s red light district, populated by nightclubs, strip clubs and late-night patrons, the shift forced by the infamous and now-defunct ‘lockout laws’ saw the bohemian KX precinct gradually repositioned into more of a lifestyle destination, boasting swanky new residential developments, upgraded public spaces and diversified entertainment.
Oscars is no newcomer to the Cross, having previously owned the Strand Hotel in Darlinghurst, which it sold to Jon Adgemis.
Itself undergoing a reinvention, bringing developments including relaunch of the Carousel Inn as The Woodstock late 2025, listing for sale the Regent Hotel in Kingsford, and the big news last week of the group listing, with Amalgamated Hotels, of the Clock, Sackville and Bank hotels, Solotel entertained a direct approach from Oscars Group.
An off-market transaction was completed through JLL Hotels’ John Musca, Ben McDonald and Kate MacDonald, who say the market is creating opportunities at all levels.
“Trade remains robust as the need to socialise in person evolves as less discretional, servicing the primary community need to gather at premises to drink, dine and be entertained throughout seeming unique economic conditions.”
Solotel has not elaborated on the deal except to report it will continue operating the hotel until handover, expected in July.
The family group also revealed construction is expected to begin soon on its new site for the Albion Hotel, set to be on Smith St in Parramatta. This was required as a result of the group selling the freehold of the existing site in 2016, for circa $60 million.
It is offered to be further testament to its continued investment in a portfolio of family-owned freeholds.
Last month this also brought about the purchase of the freehold of Newtown’s Courthouse Hotel for close to $24 million, from Sydney silk Brian Dooley SC, who had held it for 40 years. Solotel had operated the pub for the past two decades.
Group CEO Elliot Solomon says when the opportunity arose to acquire the freehold they saw it as in line with their broad strategy to focus on “quality assets that we own”.
Positioning itself as both an operator and landlord, Solotel simultaneously partnered with national operator Australian Venue Co to run the Courthouse.
This follows the sale of four Solotel pub leases to AVC in January, in a transaction understood to be worth between $50- and $60 million.
“The Courthouse is a much-loved local institution with a strong community following,” AVC CEO Paul Waterson told PubTIC.
“We’re pleased to be continuing our relationship with Solotel and our focus will be on supporting the venue’s next chapter while respecting what locals love about it.”
The sale was the result of an active on-market campaign through HTL Property’s Andrew Jolliffe, Dan Dragicevich and Sam Handy.
Outside of the Kings Cross divestment, the rapid reshuffle edges Solotel closer to its broader goal.
“Owning the property of our venues gives us greater control over the guest experience, the quality of our offer, and the long-term direction of the business,” says Elliot Solomon.
“Our focus is to keep improving our venues and building experiences that people strongly associate with the Solotel name.”
