CBRE Hotels’ Director Paul Fraser managed the sale process for Pelathon Pub Group, which the group having purchased the CBD property in November 2017.

“The Queens Hotel presented the ideal counter-cyclical play, given the underlying fundamentals and the requirement for limited if any capital expenditure in the immediate future,” Mr Fraser said.

The freehold has been purchased by Wylie Property Group with a leasehold to Be Bold Group.

“We have great faith in the Gladstone region and partnering with Anthony and Phillip from the Be Bold Group, drawing on their knowledge, will ensure the future success of this asset,” Wylie Property Group’s Roger Wylie said.

The purchase adds to their portfolio of hotels across Sydney and newly acquired Brunswick Hotel in Rockhampton.

Be Bold Groups’ Anthony Burrows added, “We are confident that we can offer the local community atmosphere and, most importantly, a welcoming hotel experience.”

Be Bold Group is a family owned company with multiple venue across central Queensland.

“Together, Wylie Property Group and Be Bold Group will be able to create a real hub for the local community,” Mr Fraser added.

Queens Hotel consists of multiple revenue streams including 23 gaming machine, main bar with TAB and Keno facilities, 110 seat restaurants, 27 motel-style accommodation rooms, three bedroom managers’ residence and separate function space.

Mr Fraser noted, “The purchase price is an indication, not only of the macro environment in Gladstone, but also the overall performance of the hotel. I believe that Gladstone is starting to see the effects of a resources sector revitalisation, which can only be good for the local economy. It’s an exciting time to be entering the market in areas that are resource centric.”

See also:

Mount Isa's Barkly Hotel Motel for sale

Logan pub 'Club Hotel Waterford' sold for $22 million to Charter Hall

Travelodge Rockhampton Hotel for sale Wayne Bunz Hayley Manvell CBRE Hotels