Redcape buys Emu Plains hotel
ASX listed Redcape Hotel Group has purchased another western Sydney venue, this time at Emu Plains.
The O’Donoghues Hotel at 99 Great Western Highway – near Victoria Bridge and Penrith – is costing $30.5 million.
Vendor FAL Group held it for 23 years.
JLL’s John Musca and Ben McDonald with Knight Frank’s Mike Wheatley were the marketing agents.
The deal includes surrounding retail and a 5500 sqm vacant tract which can be developed immediately. All up the parcel is 8000 sqm.
The address is near the $35m Log Cabin Hotel project, being carried out by hospitality veteran Arthur Laundy and local investors the Cottle family and Rob Wearn.
Emu Plains is 58 kilometres from the city.
O’Donoghues Hotel
The O’Donoghues Hotel is Irish themed designed with bars, dining spaces and an entertainment and gaming room with 30 electronic gambling machines (story continues below).
Redcape chief executive officer Dan Brady said the property would complement the group’s portfolio of suburban community hotels in high growth areas.
The landlord will renovate “and strengthen the offering in a targeted way that makes the local community proud”.
In November it paid $38m for Dulwich Hill’s Gladstone Hotel and two neighbouring bottle shops; that vendor, Craig Coote, had held them since 1977.
The highest price outlaid for an Australian pub last year was $45m – set twice: when Moelis purchased Darlinghurst’s Kinselas, and Iris Capital snapped up Narwee Hotel.
Liverpool’s Macquarie Tavern traded for $43m in August.
All these venues are in Sydney.
Redcape became fully operational after COVID, five months ago.
It had not long earlier obtained a $100m, five-year debt facility.
