Redcape snaps up Central Coast hotel
The Thomas family has sold the freehold going concern to another popular hotel, this time to the Redcape Hotel Fund.
The Entrance Social Club, a four year old name for the Entrance Hotel, 65 kilometres north east of Sydney, collected $36 million following an off-market campaign.
On a 4610 square waterfront site – predominantly open-air car parking – the asset contains a gaming room with 26 electronic gambling machines.
A refurbishment, when the name was changed, added the Taffy’s Sports Bar and Mrs May bistro.
Also with 13 accommodation rooms, weekly revenue has been put at c$220,000.
The deal comes two months since we reported David ‘Taffy’ Thomas and his son, Andrew, sold Neutral Bay’s Oaks Hotel to Patrick and Angela Gallagher, for $140m (continues below).
Redcape meanwhile last month sold Bankstown’s South Terrace Hotel for $54m to Bill and Mario Gravanis’ Oscars Hotels.
It also bought a pub leasehold in Brisbane’s South Bank – the Plough Inn – for $40m from SEQ Hospitality, part owned by Sydney Roosters chairman Nick Politis.
HTL marketed The Entrance Social Club.
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