HPI offloads Acacia Ridge Hotel
Hotel Property Investments has banked a major capital gain from a Brisbane pub held since 2019.
The Acacia Ridge Hotel is trading to a local syndicate for $25 million, reflecting a 4.4 per cent yield.
The ASX listed vendor paid a consortium including White & Partners $20m.
That seller outlaid $26m to hoteliers Peter Calligeros and Steve Farley in 2016, then undertook a $2.5m renovation.
HTL Property managed the two most recent sales campaigns.
CBRE’s Joe Tynan acted for the buyer.
Development upside
On 1.874 hectares at 1386 Beaudesert Road, on the south east corner of O’Connell Street, Acacia Ridge Hotel contains a bistro, function rooms – one which can accommodate 550 guests – and sports bar (story continues below).
It also includes a gaming room with 45 electronic gambling machines, 28 motel rooms and two bottle shops.
A c5000 square metre tract has convenience retail development upside.
“This is our second [local] investment grade freehold hotel sale this financial year, following the…record sale of Brisbane’s Royal Exchange Hotel Toowong…at a yield of 4.01pc in August,” HTL Property’s Glenn Price said.
“Assets the size and quality of the Acacia Ridge Hotel are so seldom available to market that it is of no surprise to us the robust nature of the exit price and yield achieved,” he added.
Also this week, HPI paid the Saturno Group $66.1m for a portfolio of seven South Australian pubs in conjunction with Australian Venue Co, which has signed 15 year leases for them.
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