The Prince Hotel sale to Australian Venue Co angers St Kilda locals

The recent sale of the iconic Prince of Wales to hospo giant Australian Venue Co has left locals fuming, with some saying the take over is a “disgrace” for family-run pubs.

Angry St Kilda residents are furious over the Prince of Wales recent sale.

Angry St Kilda locals are furious over the sale of the famous Prince of Wales hotel, labelling the takeover a “disgrace” for family-run pubs.

Hospitality giant Australian Venue Co, which owns more than 200 pubs nationwide and in New Zealand, bought the leasehold of the iconic Fitzroy St music venue and restaurant on Friday.

The Prince marks the sixth venue the hospo giant owns in St Kilda, joining Village Belle, Newmarket Hotel, The Espy and West Beach Pavilion.

Outraged residents took to private community Facebook group, Residents in St Kilda (RISK), to share their concerns.

“They killed The Espy and now they will kill The Prince,” one wrote.

“(The Espy has) gone to the dogs The times we had there back in the day, with a brilliant live music venue, vibe and fabulous crowd... all gone.”

“RIP family owned pubs,” said another.

Jayco boss Gerry and Andy Ryan.

One resident questioned the Australian ownership of the St Kilda’s pubs.

“It’s obvious people don’t care who owns our treasures. (The) Palais is owned by Live Nation/Ticketmaster (American). The Espy, and now the Prince owned by a huge American entity.

“No profits stay in Australia. It’s really quite sad.”

Late last year New York based KKR group sold AVC to Hong Kong-based PAG in a billion-dollar deal.

Others worried AVC was killing Melbourne’s live music scene.

“There’s no band lists anymore, just drinks specials,” one wrote.

“This is terrible news... AusVenue Co are snapping up all live music venues and turning them into pubs.”

Business tycoon Gerry Ryan and son Andy initially placed The Prince’s freehold on the market last August with a $50m asking price. That price dropped to $30m last month.

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 was 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.

Australian Venue Co boss Paul Waterson (left) said he was looking forward to honouring The Prince’s rich history. Picture: Nicki Connolly

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.

AVC chief executive Paul Waterson told the Herald Sun on Friday he was looking 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.”

When asked whether AVC would change the operation of the newly minted Prince Dining Room restaurant after settlement, a spokesman said: “The Prince is a dynamic inner city pub with a diverse offering, we look forward to learning more about the operations of the pub and seeing where we can add value.”

AVC could not say how much it paid for the leasehold or when settlement would take place.