Oscars Group buys three Adelaide hotels
Oscars Group, led by brother Bill and Mario Grasvanis, has made an impressive entrance to South Australia – snaring three Adelaide hospitality assets for a total $80 million.
The Lakes Resort at West Lakes (pictured, top), Bridgeway Hotel in Pooraka and Stepney’s Maid & Magpie, were offered by Fahey Hotels, run by third generation publican, Greg Fahey.
All up they spread three hectares with 80 guest suites, bars and bistros.
They also provide 113 electronic gambling machine entitlements.
JLL’s John Musca with TJ Board’s Terry Board brokered the deal.
Coincidentally the same agents in 2022 attracted Harvest Hotels, like Oscars, Sydney-based, to Adelaide via two venues, The Lodge Hotel at Brahma Lodge and Hackham’s Aussie Inn.
Four years ago, meanwhile, Australian Venue Co boosted its book in the state, teaming with Hotel Property Investments to buy eight venues from c50-year operators Adrian and Leon Saturno, known in industry circles as “the booze brothers”.
Five were in Adelaide including the Avenues Café Bar at Stepney and West End Tavern in town.
Outside of the city, the portfolio included McLaren Vale’s Mike O’Shea Hotel, Coromandel Valley’s The Duck and in Strathalbyn, the Victoria Hotel.
And, two years ago, Melbourne’s Salter Brothers made its maiden South Australian investment, via the city’s Sofitel, which set it back $154m.
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