JDA Hotels acquires iconic Crystal Palace Hotel in Sydney
The Feros family owned JDA Hotels has expanded its hospitality footprint with the acquisition of the landmark Crystal Palace Hotel in Sydney's Haymarket area.
This strategic purchase increases the company's portfolio to 14 venues across Australia.
The sale comes amid a robust revival in the pub market, with major industry players like Redcape and Iris Capital actively acquiring properties. The sector has been buoyed by anticipated interest rate reductions and strong gaming machine revenues, factors that have maintained high asset values, particularly for premium establishments.
HTL Property agents Dan Dragicevich and Andrew Jolliffe brokered the off-market transaction. The Crystal Palace Hotel had been under the ownership and management of industry veteran Jimmy Galanakis for 45 years.
The prominent George Street property sits in a prime location opposite Central Train Station and near the developing Tech Central and Central Place precincts.
Despite recent NSW government reconsiderations of zoning for the proposed over-station development, the area continues to benefit from mixed-use projects expected to increase local population density.
The venue boasts valuable features including a 3am Hotel License with early opener privileges, 21 accommodation rooms, and 27 gaming machines.
Additionally, the historic property comes with favourable planning approvals that permit construction up to 50 meters in height, offering development potential for the new owners.
"I can't immediately recall another hotel so consistently sought after and enquired about in an acquisition sense as was the case with the Crystal Palace over the past 20 years," said HTL Property managing director, Mr Jolliffe.
This acquisition strengthens JDA Hotels' already significant presence in Haymarket, where they operate three other venues: the Mountbatten Hotel, Charlie Chan's Bar, and the Great Southern Hotel.
"We are very excited to add the Crystal Palace to our portfolio, and in particular so as to enjoy the synergies we believe it will be able to create within a precinct we already know so well," JDA director John Feros said.
HTL Property national director Dan Dragicevich highlighted the unique opportunity represented by the sale: "In an increasingly consolidated market, the Crystal Palace was a rare opportunity in that it had remained in the hands of a standalone single asset owner for over four decades; and which in and of itself is a testament to not only Mr Galanakis' stewardship, but also the intrinsic fundamentals of the property and business operations."
The Crystal Palace Hotel transaction follows another major industry deal, with hotelier Ashton Waugh recently purchasing North Sydney's Union Hotel from The Good Beer Group for $22 million.
Jonathan Jackson, 1st May 2025
