Industry newcomers buy Rozelle hotel
The Native Rose Hotel in Sydney’s inner west has been bought by industry newcomers Matthew Younger and Kaine Costello, in a deal brokered by JLL Hotels & Hospitality.
The hotel, formerly known as The Tatters and more recently Ruby L’otel, was operated by beer barons Mark Fethers and Tanya Maystrovoich, and offered a 17-year leasehold interest. Having co-founded The Rocks Brewery, the former owners will now look to focus more attention on their new beer label ‘Pickled Monkey Brewing Co.’.
Younger and Costello, have been friends for 25 years and while they have been around the industry for a while it’s not been directly at the coalface and the pair said they are looking forward to getting behind the bar.
“We are excited to bring a traditional pub to the inner west with an inclusive and friendly atmosphere for friends to meet and families to enjoy. We want to maintain the original look of the bar and plan on focusing on the atmosphere and getting feedback from the community and our patrons to ensure the pub is their local,” they said.
JLL Hotels Vice President, Kate MacDonald managed the transaction for Fethers and Maystrovoich, and suggests the Sydney metro leasehold market is experiencing unprecedented turnover.
“Unlike the majority of recently advertised leasehold sales around the fringe of Sydney where incoming operators are obtaining premium-free tenancies, we were able to secure our vendors with a very favourable exit price,” she said.