Veteran publicans Adrian and Leon Saturno, known in industry circles as ‘the Booze Brothers’, have retired after selling their last eight South Australian pubs and four bottle shops.
Seven of the hotels are trading to Hotel Property Investments for $66.1 million, which has locked in Australian Venue Co to run them for 15 years.
In Adelaide, these are:
- Avenues Café Bar at Stepney;
- The Mile End (Mile End);
- The Unley (Parkside, pictured, top) and
- The West End Tavern (Adelaide CBD)
In regional South Australia, the portfolio includes:
- Mick O’Shea’s Hotel (McLaren Vale);
- The Duck (Coromandel Valley) and
- Victoria Hotel (Strathalbyn)
The deal is being struck on a blended 5.4 per cent yield.
HPI intends to invest $30.4m renovating them (story continues below).
An eighth venue, the Colonist, in Norwood, and four bottle shops, are trading to AVC which now owns 18 South Australian pubs.
The vendors, via the Saturno Group, have been in the hospitality industry for 50 years.
Also this week, HPI sold Brisbane’s Acacia Ridge Hotel for $25m.
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