Sydney’s Oaks Hotel Sold in Record $140m Deal

Sydney’s The Oaks Hotel has sold for around $140 million, equalling the second-highest price achieved for a hotel nationally.

Gallagher Hotels acquired the Neutral Bay landmark in a deal brokered by JLL Hotels & Hospitality Group that underscores continued investor demand for premium hospitality assets.

The hotel comprises multiple venues including Taffy’s Sports Bar, Alala’s Cocktail Bar, a bar and grill restaurant, gaming facilities, function spaces and a premium bottle shop.

The property occupies a prominent 2,188sqm site at Neutral Bay, 7km north of the Sydney CBD, with B4 Mixed Use zoning and potential for future redevelopment of up to five storeys, adding a significant value-add component to the acquisition.

The sale places The Oaks alongside top-tier pub sales including the Beach Hotel Byron Bay, which also traded for $140 million, and just below the record $160 million sale of Sydney’s Crossroads Hotel.

Gallagher Hotels is an Australian‑based, privately owned hospitality group that owns and operates a portfolio of pubs and hotel venues, primarily in Sydney and surrounding areas.

Led by Patrick Gallagher and wife Angela Gallagher, with three of their four children, Jack, Sophia and Austin also involved in the business, it has built a reputation for purchasing, refurbishing and running large community‑focused pubs.

Its holdings include the Hunters Hill Hotel, Longueville Hotel, Railway Hotel at Fairfield, and Jacksons on George in the Sydney CBD.

▲ The Oaks Hotel comprises multiple venues including Taffy’s Sports Bar and Alala’s Cocktail Bar.

Partrick told media they had no big plans for the Oaks outside a few “tweaks”.

“It’s one of those generational opportunities where it’s something we’d be hanging on to ourselves for well past [when] I’m dead,” he told media.

The sale ends nearly five decades of ownership by the Thomas family, with patriarch David “Taffy” Thomas handing over the keys to one of the country’s most recognisable pubs.

First acquired in 1975 with support from his mother Alala, the venue was transformed over 50 years into a sprawling, multi-offering hospitality destination anchored by its famous beer garden and heritage oak tree.

Taffy’s son Andrew Thomas said the decision to sell marked the right moment for the family, describing the venue as a deeply personal asset with longstanding ties to their history and the wider community.

The transaction was negotiated by John Musca and Ben McDonald, who highlighted the rarity of such tightly held assets coming to market.

The Oaks was listed for sale in 2022 raised in 2023, but a deal rumoured to be worth about $170 million did not come to fruition.