Edward Ryan follows family tradition by purchasing Bondi’s Topikos hotel

The next generation of the Ryan hotelier family has capitalised on the rare opportunity to buy one of just a handful of Bondi beachfront hotels.

Topikos on Bondi Beach has been bought for an undisclosed sum.

The next generation of the Ryan hotelier family has swooped on one of just a handful of beachfront hotels on Sydney’s famous Bondi Beach strip, picking up the Topikos hotel operation for an undisclosed sum.

The hotel was sold to fifth generation hotelier Edward Ryan, giving the 25 year old a super-prime position on the high-profile Campbell Parade after he won a competitive on-market process.

The property was sold by the private operator via Andrew Jolliffe, Dan Dragicevich and Xavier Plunkett of brokerage agency HTL Property.

“Bondi hotels are particularly rare beasts, numbering only four in total, and are both consequently and unsurprisingly tightly held as a result,” Mr Jolliffe said.

The on-market process was very active, and there had been a surge of interest in hospitality business assets, he said.

Mr Ryan was bullish about the hotel’s prospects. “I’ve worked within and alongside my extended family in the Sydney pub market for a number of years and look forward to continuing to do so regarding this exciting opportunity,” he said.

“Living locally my whole life provides me with a good perspective on where there might exist market gaps we’d like to explore; and I look forward to doing so given the solid platform the current management team have created at the hotel over a number of years.”

HTL Property would not reveal the sale price but it was in line with the market guidance provided during the campaign.

“We’re delighted with the outcome for our valued clients, and look forward to continuing the positive market momentum,” Mr Dragicevich said.

Other big pubs for sale include the Lansdowne Hotel in central Sydney and Roma’s Royal Hotel in Central Queensland.

Topikos is one of only four hotels located on the famous beachfront. The property has the namesake Greek high-end restaurant Topikos, along with alfresco dining space, 20 gaming machines, a 1am licence and 400-person capacity.

It was billed as a rare entry-level hotel opportunity with a 24-year lease term remaining.

Other big sales in the area include that of Icebergs Dining Room and Bar to private hospitality company The O’Brien Group in 2018, and Bondi Beach Noah’s Backpackers, which was picked up for $68m by pub baron Jon Adgemis’ PUBLIC Hospitality Group last year.

The developer intended to take the site and transform into a modern hotel with apartments but is now looking to recapitalise his empire.

Sydney hospitality baron Justin Hemmes also expanded his pub holdings when he bought Bondi’s Royal Hotel for more than $30m in 2019.