Hotelier makes it 10 in Queensland
Sean and Dan O’Hara have sold the Gracemere Hotel, south of Rockhampton, after two years.
The brother’s O’Hara Hotel Group, with its general manager, Stuart Horner, is banking a speculated $24 million for the freehold going concern.
It paid CB Partners a reported $22m.
The deal comes four months since we reported the Sydney based pair sold Parkhurst Tavern, north of Rockhampton, to Steven Shoobridge’s Star Group, also for c$24m.
HTL Property’s Andrew Jolliffe, Glenn Price and Dan Dragicevich brokered both sales.
CQ make it 10
CQ Hotel Group, established 15 years ago by Anthony Fargus, is buying Gracemere Hotel.
It is the hospitality group’s 10th asset.
All its portfolio is in Queensland.
With bars and bistros, a beer garden and kids play area, the asset also derives income from a games room with TAB facilities and 33 electronic gambling machines (but 37 entitlements).
There is a bottle shop too and vacant c3288 square metre tract.
The hotel occupies c3970 sqm.
“We will look to continue the heritage of the venue, servicing the local community with traditional country hospitality,” Mr Fargus said.
Power Jeffrey & Co’s Robert Hunter, who also worked on the deal, added “the Rockhampton region is one of the most stable regions across Queensland with all the key economic drivers of a sizable regional centre”.
“Growth projections are some of the strongest in the state and can be already seen with the level of investment and development currently under construction and planned into the future,” according to the executive.
Gracemere is about 10 kilometres from Rockhampton’s CBD.
Also this week we reported a Hungry Jack’s restaurant in the suburb sold for $6.4m – a 4.79 per cent yield.
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