Amaroo Tavern Moree sold - HTL Property
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Amaroo Tavern Moree sold - HTL Property
Moree Amaroo Tavern sold by Xavier Plunkett and Sam Handy of HTL Property.
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Moree -
HTL Property
HTL Property is delighted to announce to the market the Sale of the Freehold Going Concern Interest in Moree’s Amaroo Tavern.
The off-market deal was exclusively negotiated by expert agents Xavier Plunkett and Sam Handy of national brokerage firm HTL Property.
HTL enjoyed exclusive engagement by unlisted hospitality vehicle Waratah Hotel Group in order to divest the asset on the back of a sequence of major transactions in the wider New England Region. The purchaser entity is a newly formed partnership between local hotel heavy weights Jim Knox and Patrick Gurr.
Waratah have owned the asset for circa 15 years and cited favourable market conditions as a motivating factor for the sale.
“The asset was sold at a premium to book value, and it’s divestment represents good business sense for Waratah Unit holders” advised Fund Director Darren Baker.
The hotel highlights include a public bar, bistro, commercial kitchen, drive-through bottle shop, enormous 10,000sqm land holding, gaming room with 18 Band 3 Poker Machine Entitlements, and a 4am licence producing over $6,000,000 in annual revenues.
The deal affirms a targeted and decisive $28 million acquisition strategy in Moree by Knox, who now owns all 5 Hotels and the associated 63 Gaming Entitlements and 3 bottle shops within the town. With the localized portfolio now including The Royal Hotel, The Post Office Hotel, the Victoria, the Moree Hotel and the Amaroo Tavern. All of which were negotiated by HTL Property.
“Attracting quality management and operational personnel is a major issue in these regional localities, however given the scale and quality of the portfolio we have aggregated, we look forward to working with the existing team and attracting some top-quality and complementary talent to lift the overall offering at each of the respective venues” advised successful purchaser Knox.
“The scale of this portfolio affords us the ability to do that” concluded Knox.
The agents for the sale noted that the deal highlights the desirability for geographical portfolio ownership by the industry’s most experienced groups.
“Operational and management synergies, complementary business models, a familiarity with the local market; and a deep entrenchment within the local community will benefit these hotels and the patrons of Moree who will ultimately enjoy them” concluded Plunkett.
