distressed sale

RECEIVER McGrath Nichol will sell two Queensland pubs, on behalf of the Ryan Hotel Group.

Up for grabs is the Del Plaza at Southport, and the Grinning Dog Tavern at Maroochydore. Earlier this year, six other Ryan Hotel Group hotels were put to the market including the Woombye, Maryborough and Roma. Ryan collapsed in July. The properties are distressed sales, and the prices are undisclosed.

Director of advisory firm and agency Power Jeffrey, Peter Power, told The Australian “there haven’t been many good quality hotels on the market for the past 18 months, and as valuers we are having great difficulty because we have no (sale result) evidence to work off”.