An entity led by husband and wife Greg and Kellie Pilon has sold the modern Amaroo Hotel for $22.5 million – a Dubbo record pub price.
Also known as The Roo, the two storey investment, with a long term lease, was purchased by another syndicate.
On 2000 square metres at 81 Macquarie Street, the asset derives income from 27 electronic gambling machines, 24 accommodation suites, a bar, bistro and nightclub.
The vendor group, which includes Brett and Michelle Harvey, renovated the venue about nine years ago – describing the experience as turning Dubbo’s worst hotel into the best.
HTL Property’s Blake Edwards and Xavier Plunkett were the agents.
Their deal comes 14 months since Harvest Hotel outlaid a speculated $15m for Dubbo’s Milestone Hotel.
Not long after, a consortium led by the Laundy family offloaded the Hotel Canobolas, at Orange, for over $24m – a record for a pub in that area.
The buyer was a partnership comprising Buildcorp founders the Sukkar family and Point Group Hospitality.
Orange is about 150 kilometres south east of Dubbo.
Earlier this year Sam Arnout offloaded a small hotel at Condobolin, about 200km south west of the Amaroo Hotel (story continues below).
One to go…
Mr Edwards said the Pilon family are planning to focus on interests outside the hotel sector.
The pair have also listed the Pastoral Hotel freehold going concern, in Dubbo.
Over two floors, that asset contains a couple of bars, function room and beer garden, with a 24 hour licence, Monday to Saturday.
There are also 18 EGMs.
“The Pastoral Hotel operates an enormous underroof area due to a full refurbishment concluded a few years ago,” Mr Edwards, who with Mr Plunkett, is also marketing this property, said.
“The consequence [is] now…the ability to capitalise upon busy trading periods in order to drive profitability through scale”.
Image, top, Google Street View.
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