Economy

Sales blitz results in $200 million worth of pub deals in just two weeks

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Privately owned Hunter Hotel Group has expanded its regional footprint after snapping up the popular Seabreeze pub on the NSW Mid North Coast from the well-known Short Family empire, with a price tag of about $33 million.

It is one of five pubs that have changed hands over the past fortnight worth about a combined $200 million, with the largest being the Mount Annan Hotel in Sydney’s west which was sold by the unlisted $1.4 billion Redcape fund tothe Laundy group for about $51 million.

The deals mark an end to a busy year in the pub sector, which has been characterised by the sale of assets held by family businesses for many decades.

The Seabreeze Beach Hotel, owned by the Short family since 2001, has been sold for about $33 million.

The new industry players are more focused on offering high-end food and entertainment with less reliance on gaming machines as the main revenue streams.

In the latest deal, the Sydney Short family, led by Roz Short sold the sprawling Seabreeze beachside pub and adjoining commercial property holdings. The Short family bought the pub 2001. The sale was part of a rationalisation of the family’s portfolio and was completed by HTL Property’s national pub director, Dan Dragicevich and Andrew Jolliffe.

Sitting on an imposing 3816 square metres of land in the South West Rocks’ CBD, the pub comes with three commercial properties. The large-format hotel has multiple revenue centres, including food, beverage, gaming, wagering and accommodation.

“My entire family has enjoyed a long and favourable history with this wonderful hotel, and as such we have enjoyed our period of stewardship immensely,” Short said.

“We wish the new owner every success and look forward to seeing the hotel and the township prosper in the way both so richly deserve.”

“True beachfront hotels such as the Seabreeze are emblematic of Australian surf culture in its purest form, and are unsurprisingly very rare and therefore aggressively sought after,” HTL Property national pub director, Dan Dragicevich said.

(The following story may or may not have been edited by NEUSCORP.COM and was generated automatically from a Syndicated Feed. NEUSCORP.COM also bears no responsibility or liability for the content.)

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