The Waratah Hotel Group has divested its highly acclaimed Hotel, the Royal on 99 in the major regional Queensland township of Roma.

The impressive Hotel, which has become a mainstay for locals, was purpose-built opening in 2016 after the former Royal Hotel was destroyed by fire the previous year.

Trusted expert agency HTL Property was again engaged to handle the sales campaign for Waratah, who has similarly engaged HTL previously in the sale of multiple assets in Queensland, NSW and the Northern Territory.

HTL Property Directors Glenn Price and Brent McCarthy were again at the helm of the successful sales campaign.

Adding to its growing strategic portfolio, the Melbourne based Black Rhino Group have secured the ownership rights to the popular hotel, fighting off other interstate and Queensland based parties to enjoy the right to do so.

The acquisition is the third Queensland purchase announced by the group in 2024 following on from its purchase of The Overlander Hotel (Mt Isa) in May, Kalka Palms Hotel (Rockhampton) in June; and is the fourth Queensland hotel asset to be added to Black Rhino stable of 44 venues across Victoria, South Australia and Queensland.

“Our family-owned group continues to look for quality assets in areas that are underpinned by stable economic indicators, whilst offering growth opportunities at an operational level. Notwithstanding the number of venues, we now have in our stable, at the end of the day, we are a family company that understand what it takes to create a successful venue for the community, one that all residents can feel proud to call their local” advised Dave Tomsic owner of the Black Rhino Group.

HTL Property serviced enquiries from every mainland state (excluding the ACT) through the course of the campaign. “With the new financial year in full swing, the number of Queensland based and interstate hoteliers with a war chest of capital tagged for deployment in FY25 will stimulate a number of sales at the back end of this year” advised HTL Property Director, Glenn Price.

“Leading interstate pub groups continue to see value in the QLD market, with purchasers recognizing the legislative strength and stability of Queensland’s hotel industry, in addition to the continued year on year economic growth experienced in most regions” Price added.

“This magnetism for Qld hotel assets has consequently seen our organization present both unsolicited, and off-market offers to valued clients, at comparable yields to those being achieved in the southern states” concluded Price.

Further underwriting the strength of the sector in Qld, Mr. Price pointed to the fact current value of Gaming Machine Authorities in Queensland had for this first time, now exceeded that of its southern counterpart, NSW; with a strong floor price for GMA’s across the three regions of QLD, ensuring stability in their values.

“We are more than happy with the outcome and will look to re-invest capital into other assets in locations that our Fund considers to be core areas for us moving forward” advised Waratah’s Darren Baker.

“We wish the Black Rhino Group all the success moving forward, and may the Royal continue to be the local success under their ownership” Baker added.

The sale of the Royal on 99 is the third Hotel sale in the township of Roma by HTL Property in as many years, following on from the sale of both The Commonwealth Hotel, and the White Bull Hotel in 2021.

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