JLL Hotels & Hospitality Group is thrilled to announce the successful sale of Criterion Hotel in Gundagai for circa $6,000,000, in what appears to be another record regional sale for the agency.  

The Criterion, a local favourite, is a consistent trader with circa $60,000 per week proportionately derived from food and beverage, gaming, accommodation and a strong performing drive-thru bottle shop (the only one in town). The striking brick building is situated on an expansive 2,500sqm (approx.) corner block that enjoys a prominent position within the center of town and is fully licensed to the boundaries.

Publican David Hindmarsh exits the hotel after 20 years of tenure and is looking forward to passing over the baton, commenting, “The pub has been a wonderful experience from the beginning, but the time is right to let it go now and allow someone else to take it forward into the next 20 years.”

After advising the vendor for a 12-month period, and negotiating with two genuine underbidders, JLL Vice President Kate MacDonald and Executive Greg Jeloudev managed to achieve a sale price $1,000,000 above the vendor’s expectation.

The incoming operator is newly formed ‘Lancer Group’ fronted by Buena Vista Hotel (Mosman) freehold owner, Tim Fallon. Lancer has also invested in the growing nearby town of Tumut, with the purchase of the Royal Hotel through JLL Hotels & Hospitality in 2021.

Tim Fallon offered, “We are excited to include the Criterion into our portfolio and look forward to continuing the great work of David and Jedda in providing the locals and visitors to Gundagai with a consistent and vibrant community venue.”

The sale also includes 10 gaming machine entitlements with an underutilised 3am Hotelier’s Licence, 14 accommodation rooms, and the only pub in Gundagai to offer TAB facilities.  

The Criterion Hotel sale represents a record price for a regional hotel with 10 GMEs, indicating continued strength outside major cities for operators looking for consistent cash flows in strong, community-driven towns.

This sale is one in a flurry of forthcoming announcements for JLL Hotels with transactions throughout the Regional and Coastal NSW hotel markets.

To request a sales analysis please contact the selling agents JLL Vice President Kate MacDonald and Executive Greg Jeloudev via the below contact details.