Universal Hotels picks up Claridge House in $19m Darlinghurst deal
The $19 million sale of Claridge House in Darlinghurst is another clear sign that the long-running unwind of assets linked to hospitality entrepreneur Jon Adgemis is gathering pace, following the collapse of his Public Hospitality Group.
The nine-storey inner-city accommodation property at 28–30A Flinders Street has been snapped up by Universal Hotels, owned by well-known hotelier Harris Kospetas, after a competitive Expressions of Interest campaign run by Colliers.
Claridge House was sold by receivers appointed to Public Hospitality Group, which once held a sizeable portfolio of pubs, hotels and accommodation assets across Sydney and Melbourne before its financial troubles came to a head.
The deal stands out as one of the more significant inner-city transactions to emerge from the receivership process so far and reflects the ongoing break-up of a hospitality empire that had grown rapidly prior to its collapse.
Colliers managing director Matthew Meynell said the campaign drew strong engagement from a wide cross-section of buyers.
“The level of enquiry reflected sustained appetite for inner-city accommodation assets, particularly those offering scale, character and flexibility in tightly held precincts,” Meynell said.
Oxford Street location drives interest
Sitting close to Taylor Square in the heart of the Oxford Street precinct, Claridge House holds a prominent position within one of Sydney’s most tightly held hospitality and cultural neighbourhoods.
The Art Deco flatiron building spans about 2,169 square metres across nine levels and was previously operated as 63 boarding rooms. It was offered in coldshell condition, giving buyers flexibility to reposition the asset for boutique hotel, co-living or other accommodation uses, subject to approval.
There’s also scope for the ground floor to be activated for retail, food and beverage, cultural or communal purposes.
James Cowan, Head of New South Wales Investment Services at Colliers, said the property wasn’t a straightforward acquisition.
“This was a complex asset that required a capable buyer with both operational expertise and balance sheet strength,” Mr Cowan said.
A strategic play for Universal Hotels
For Universal Hotels, the purchase adds another inner-city asset to its Sydney portfolio and aligns with the group’s steady, considered growth strategy.
Universal Hotels CEO Harris Kospetas said the property ticked a lot of boxes for the group.
“It’s an asset with enormous potential located within a precinct that we know very well – it’s a really good fit for us,” Kospetas said.
Karen Wales, Head of Hotels Australia at Colliers Transaction Services, said improving market conditions were continuing to support demand for well-located accommodation assets.
“Assets such as Claridge House with scale and zoning flexibility are increasingly sought after by sophisticated operators,” she said.
Jonathan Jackson, 29th January 2026
