A fortnight after paying the Scanlon family $10.45 million for Marcoola’s Surfair Beach Hotel, ASX-listed Hotel Property Investments has acquired five more.
All are in Queensland.
They will be leased to Australian Venue Company for an initial 20 years.
Seven months ago, HPI outlaid $63.3m for three east coast gaming venues, including the Mango Hill Tavern, north of Brisbane, and Airlie Beach’s Jubilee Tavern.
Last week we reported unlisted pub fund Harvest Hotels spent c$15m on Dubbo’s Milestone, in NSW, while Merivale paid $58m for the historic Lorne Hotel – its second Victorian acquisition (story continues below).
The latest portfolio
HPI’s five newest assets, due to settle in June, include:
- Commonwealth Hotel, Roma – which is costing $9.78m;
- Capella Hotel, Capella ($3.34m);
- White Bull Tavern, Roma ($3.25m);
- Commonwealth Hotel, Clermont ($3.06m), and
- Grand Hotel, Clermont ($2.78m).
Combined with the Surfair, scheduled to settle this month, the blended yield is 7.75 per cent.
“The acquisition of these assets demonstrates HPI’s strong relationship with AVC and our ability to transact efficiently to the benefit of all parties,” the manager’s chief executive officer, Don Smith, said.