St Kilda’s famous Prince of Wales hotel bought by pub giant Australian Venue Co

St Kilda’s famous Prince of Wales pub has been snapped up by the nation’s second-largest hotels group which already owns the nearby Espy.

The Prince of Wales Hotel is on sale. For Herald Sun Real Estate

Pub giant Australian Venue Co has bought St Kilda’s The Prince hotel.

The hospitality behemoth, who own the nearby Espy, snapped up the leasehold of the iconic Fitzroy St pub on Friday.

The Prince owners, Jayco boss Gerry Ryan and son Andy placed the property freehold on the market last August with a $50m asking price. Last month it re-entered the market with a discounted $30m price tag.

Andy Ryan said it was time for a new chapter.

“After 13 years of reimagining and operating The Prince, it’s time to pass the baton to Australian Venue Co, who will take over our legacy and continue the tradition of true Prince hospitality,” he said.

“Whilst there are mixed emotions in saying goodbye, we’re also excited that The Prince and its team are in good hands as the business enters its next chapter in its 162-year history.”

Gerry and Andy Ryan. Picture: Supplied

AVC chief executive Paul Waterson told the Herald Sun he looked forward to honouring the pub’s rich history in St Kilda.

“We have enormous respect for what the Ryan family and team have created with The Prince,” he said.

“The pub holds a special place in the heart of many Melburnians and has been a mainstay within the St Kilda hospitality scene for decades. We look forward to honouring this rich heritage as we continue to deliver a memorable experience for loyal locals and new customers to The Prince.”

Melbourne hospitality business Jackalope Group purchased the property in 2015 for $45m and have since done a multimillion-dollar refurbishment to the 1920s venue.

The historical hotel is being sold subject to an existing long lease with the Melbourne Pub Group, who also operate Mitchelton Estate and Hubert Estate, which are all owned by the Ryan Family.

A street bar, dining room, bakery, adjoining retail outlet, wine store, function space, indoor pool, multi-level parking and 39 boutique hotel rooms were included as part of the sale.

In April, The Prince revamped its main restaurant— Prince Dining Room— for the second time in two years, installing Sydney chef Mitch Orr as culinary director and former Pipi’s Kisok chef Ben Parkinson as head chef.