Pelathon Pub Group has on-sold the freehold of the Queens Hotel in Gladstone for $2,750,000 – representing a 37% price gain in just 10 months.
CBRE Hotels’ Director Paul Fraser managed the sale process for Pelathon Pub Group, with the group having purchased the CBD property in November 2017.
“The Queens Hotel presented the ideal counter-cyclical play, given the underlying fundamentals and the requirement for limited if any capital expenditure in the immediate future,” Mr Fraser said.
The freehold has been purchased by Wylie Property Group with a leasehold to Be Bold Group.
“We have great faith in the Gladstone region and by partnering with Anthony and Phillip from the Be Bold Group and drawing on their knowledge, we can ensure the future success of this asset,” Wylie Property Group’s Roger Wylie said.
The purchase adds to Wylie Group’s portfolio of hotels across Sydney and the newly acquired Brunswick Hotel in Rockhampton.
Be Bold Group is a family owned company with multiple venue across central Queensland.
Be Bold Groups’ Anthony Burrows said; “We are confident that we can offer the local community atmosphere and, most importantly, a welcoming hotel experience.”
Queens Hotel consists of multiple revenue streams including 23 gaming machine, main bar with TAB and Keno facilities, 110 seat restaurants, 27 motel-style accommodation rooms, three bedroom managers’ residence and separate function space.
Mr Fraser noted, “The purchase price is an indication, not only of the macro environment in Gladstone, but also the overall performance of the hotel. I believe that Gladstone is starting to see the effects of a resources sector revitalisation, which can only be good for the local economy. It’s an exciting time to be entering the market in areas that are resource centric.”
CBRE Hotels’ Director Paul Fraser managed the sale process for Pelathon Pub Group, with the group having purchased the CBD property in November 2017.
“The Queens Hotel presented the ideal counter-cyclical play, given the underlying fundamentals and the requirement for limited if any capital expenditure in the immediate future,” Mr Fraser said.
The freehold has been purchased by Wylie Property Group with a leasehold to Be Bold Group.
“We have great faith in the Gladstone region and by partnering with Anthony and Phillip from the Be Bold Group and drawing on their knowledge, we can ensure the future success of this asset,” Wylie Property Group’s Roger Wylie said.
The purchase adds to Wylie Group’s portfolio of hotels across Sydney and the newly acquired Brunswick Hotel in Rockhampton.
Be Bold Group is a family owned company with multiple venue across central Queensland.
Be Bold Groups’ Anthony Burrows said; “We are confident that we can offer the local community atmosphere and, most importantly, a welcoming hotel experience.”
Queens Hotel consists of multiple revenue streams including 23 gaming machine, main bar with TAB and Keno facilities, 110 seat restaurants, 27 motel-style accommodation rooms, three bedroom managers’ residence and separate function space.
Mr Fraser noted, “The purchase price is an indication, not only of the macro environment in Gladstone, but also the overall performance of the hotel. I believe that Gladstone is starting to see the effects of a resources sector revitalisation, which can only be good for the local economy. It’s an exciting time to be entering the market in areas that are resource centric.”
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
