Arthur Laundy, Mark Dalton and Philip Tudor have sold Orange’s Hotel Canobolas.
The publicans are banking over $24 million.
They paid $3m in April, 2003.
The buyer, a partnership comprising Buildcorp founders the Sukkar family and Point Group Hospitality are intending a staged refurbishment.
The price breaks the c$24m Orange record set in April when Canberra syndicate Investment Management Group acquired the Royal Hotel.
That deal broke the watermark established just the month earlier with the Robin Hood Hotel, which collected $19m.
“To achieve a record sale price following such strong recent results highlights the incredible strength of the market,” Hotel Canobolas marketing agent Leonard Bongiovanni, of Manenti, Quinlan and Associates, said.
“Orange has an excellent appeal as one of the towns leading Australia’s regional revival,” he added.
“The population has exploded to overtake Bathurst and Dubbo, and the number of annual visitors…grew from 1.1 million in 2017 to more than 1.8m in 2020”.
Last week we reported Sam Arnout’s Iris Capital offloaded Condobolin’s Royal Hotel – about 200km from Orange – for c$2m (story continues below).
Developed in 1939 by Tooheys, the art deco Hotel Canobolas at 248 Summer Street, on the south west corner of Lords Place, rises three levels.
Known locally as The Nob, there are two public bars (including Chesterfields on the second storey) and function rooms, a bistro, beer garden, gaming lounge with 14 electronic gambling machines and 45 guest rooms, each with an ensuite.
Buildcorp’s Mark Tomkin said it would be business as usual for the foreseeable future; existing staff would be retained.
“Our vision is to give the Hotel Canobolas a thoughtful facelift that celebrates its original heritage features and identity,” he added.
“We plan to begin with the ground floor bar and bistro before renovating the ballroom, upstairs bars and function spaces, then moving onto the accommodation,” according to the investor.
“We want to be an active participant in the local business community, become part of the fabric of Orange, and contribute to the prosperity of the town and wider central west region”.
Mr Tudor said the vendors would stay involved in the local community through other businesses.
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