AVC strikes three-asset hotel swap deal
Australian Venue Co has traded two pub leaseholds for a freehold – all in Queensland.
Helliwell will take full ownership of Surfair Beach Hotel at Marcoola, on the Sunshine Coast, with a hotel, accommodation and events facilities, on the beachfront.
In exchange, AVC is acquiring the operating businesses of Hervey Bay Hotel & Resort in Pialba and Brisbane’s Stock Exchange Hotel, known as Stockies.
Surfair was valued at $13.5 million as at June 2023, based on a 5.75 per cent capitalisation rate.
Three-asset swap deal
Helliwell is a Queensland family-owned hospitality group with venues across the state. Its portfolio has included all three hotels involved in the swap (continues below).
The Hervey Bay Hotel & Resort, on Main St in Pialba, includes hotel, gaming and accommodation facilities.
The site was recently the subject of a redevelopment application with four towers.
Stockies is a heritage-listed pub on Edward St in Brisbane’s CBD.
The acquisitions of the Hervey Bay and Stock Exchange hotel businesses were approved by the Australian Competition and Consumer Commission in late September and earlier this month.
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