HTL Property has announced the sale of another significant regional freehold going concern hotel in the form the Astor Hotel Motel in Albury for circa $7 million.

The announcement comes only weeks after the respective sales of both The Bank Hotel in Maitland and The Empire Hotel in Goulburn.

Following the sale of the Astor Hotel Motel, HTL Property have now transacted in excess of $200 million worth of hotels in NSW already this financial year to date.

At a glance:

• HLT Property sells Astor Hotel Motel in Albury for circa $7 million
• Regional pub prices have now hit ten-year highs driven by limited availability of stock in Metropolitan and Coastal centres
• HTL Property have now transacted in excess of $200 million worth of hotels in NSW already this financial year to date

Owned and operated by the Sydney based Irvin Hotel Group, the asset has changed hands following an off-market deal worth around $7 million and was handled exclusively by HTL Property Director Blake Edwards.

The Astor Hotel features a bar, bistro, 45 accommodation rooms and 23 gaming machines.

Situated in the strong NSW border city of Albury, the Astor is one of three similar hotels built by the same developer in the State.

"With strong transactional volumes of Metropolitan and Coastal gaming hotels over the last 24 months, the availability of stock is rapidly diminishing with metropolitan operators now looking further afield than ever before,” said HTL Property’s Director Blake Edwards.

“Regional pub prices are now as high, or higher, than those reached prior to the global financial crisis some ten years ago.

“This patent accretion of value is attributable to a combination of strong cap rates on country pubs, and the relatively low entry point when compared to metropolitan assets.”

Following the sale of the Astor Hotel Motel, HTL Property have now transacted in excess of $200m worth of hotels in NSW already this financial year to date.