Gay icon the Stonewall Hotel, on Sydney’s Oxford Street, has recently been acquired for an undisclosed amount by US-based hospitality company Pride Holdings Group (PHG).
The LGBTQIA+ multi-level venue has been running for twenty-eight years and is known worldwide for its involvement in Sydney Pride Month, the Sydney Gay and Lesbian Mardi Gras parties and much more.
First to discover the development was Gay Sydney News, when the outlet stumbled upon a corporate press release on PHG’s website dated 9 July announcing the acquisition.
The uncirculated press release described the purchase as its “first major expansion into the Asia-Pacific region” and part of its “global growth strategy”.
CEO Michael Barrett said the group acquired the Stonewall Hotel because it is “the number one LGBTQ entertainment complex in Australia” and aim to take it further.
“With this acquisition completed, we now intend to roll out the Stonewall brand across Australia and Asia. We are negotiating a rollout of the brand in this region,” he said.
PHG intend to soon announce purchase of a further four or five Australian venues for the proposed franchise.
The group simultaneously issued corporate press releases announcing multiple new properties across the United States, including Aquaplex Fort Lauderdale, Aqua nightclub and bar, Birdcage Cabaret and back bar, Johnsons Nightclub and 22&Co, along with a castle in Northern Italy.
Among the announcements was ex-Stonewall owner and director Richard Foo becoming PHG’s Director of Asia-Pacific, and ex-Stonewall director Craig Bell’s appointment to PHG’s board of directors.
Pride Holdings Group, formerly known as Parliament House Enterprises Inc, has held a significant interest in LGBTQIA+ nightlife for over two and a half decades.
Owned by heterosexual couple Susan Unger and Don Granatstein, the company first acquired Florida’s gay resort ‘Parliament House’ in 1999, saving the venue from closure.
From then onward the company gained a portfolio of LGBTQIA+ venues across the United States, managing pubs, bars, hotels, clubs and more, and now aims to become a major global nightlife and hospitality operator in the market.
While there are concerns from the public around how the local community will continue under American ownership, a Facebook post from Stonewall Hotel last Friday assured patrons the pub will continue under the current management and staff to ensure “a seamless transition that honours the relationships, energy, and trusted leadership that have made Stonewall what it is today”.
Confirming the security of Stonewall’s future, the post went on to say the sale was more than a business move.
“Stonewall Hotel has played a crucial role in Sydney’s LGBTQIA+ history, and we’re thrilled to now bring that spirit into the Pride Holdings vision.
“Whether it’s legendary drag shows, late-night dance floors, cultural events, or grassroots community support, Stonewall Hotel will continue to be a cornerstone of queer expression and celebration now powered by the vision and resources of the Pride Holdings Group.”
Reaction to the post was a mix of suspicion and joy, while some commenters turned to more practical matters, asking for renovations.
PHG’s press release did not specify whether or not changes would be made to the venue.
The building was listed for sale in January for $3.7 million, but Stonewall Hotel retains the lease.
