$1.45m Townsville pub sells for $20m
A north Queensland hotel bought for $1.45 million 30 years ago has sold for a sum believed to be in excess of $20 million.
Dan Brady, chief executive of the Moelis-run Redcape Hotel Group, confirmed the purchase of the Rising Sun in Townsville as the group continues to expand.
Recent acquisitions have included the Crescent Hotel and Cabramatta Hotel in Sydney, and Mackay’s Andergrove Hotel.
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“The Rising Sun hotel is a quality asset that complements our portfolio of strategically located, largely freehold-owned hotels,” Brady says.
“This accretive acquisition is in line with our disciplined approach to acquiring quality assets that generate shareholder value.”
Industry stalwart Peter Ryan sold the hotel, located next to a Coles supermarket, after paying $1.45 million for it in 1988.
Ray White Asia-Pacific director Andrew Joliffe, the exclusive agent for the transaction, says the national hotel market continues to attract attention.
“In the past week we have collaborated with industry veterans, listed vehicles and private investment houses to coordinate over $100 million worth of freehold hospitality transactions across the nation,” Joliffe says.
This article originally appeared on www.theaustralian.com.au/property.
