Redcape snaps up Caves Coastal Bar & Bungalows
The Gravanis brothers’ Oscars Hotels has sold the NSW Central Coast’s Caves Coastal Bar & Bungalows, nearly five years since paying $35 million.
The freehold going concern collected $40m, sources say, from Redcape Hotel Group.
On almost a hectare on the waterfront it includes a bar, bistro and a gaming room with 17 electronic gambling machines.
There are also function and conference facilities and gaming.
The deal also includes 18 two and three bedroom bungalows held freehold as well as management rights to a pool and adjacent resort villas.
Weekly revenue exceeds $200,000.
At 27 Mawson Close, Caves Beach, the property is about three kilometres east of Lake Macquarie (continues below).
Caves Coastal Bar & Bungalows
Bill and Mario Gravanis bought the Caves Coastal Bar & Bungalows from the Malouf family’s Royal Hotels and Marty Short in early 2022.
The property was previously known as Caves Beach Hotel before being transformed into a broader coastal hospitality destination. JLL was the marketing agency.
The acquisition follows Redcape’s recent expansion in the region, including its purchase of nine pubs including Newcastle’s QT Hotel from Iris Capital in July.
In May it paid $36m for The Entrance Social Club Hotel near Wyong, from the Thomas family.
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