A private group has put confidence back into the Queensland regional Hotels market, after acquiring two pubs in Mt Isa in one combined package deal.
A private group has put confidence back into the Queensland regional Hotels market, after acquiring two pubs in Mt Isa in one combined package deal.
The strategic off-market transaction of the Red Earth Hotel and Isa Hotel was handled by Leon Alaban and Christian Tsalikis of Savills.
Director of Savills Hotels in Queensland Leon Alaban said the sale represents the trend of private entities looking to expand their portfolios to include regional assets.
“Demand for Pub assets in Queensland is being fuelled by low cost debt and the return on investment to buyers, and we anticipate that the Pub market throughout 2018 will continue to improve,” Mr Alaban said.
Located in the heart of Mt Isa, the hotels benefit from adjoining boundaries, and with a diverse trade offering, the hotels jointly provide patrons and guests with a wide range of services.
The hotels feature two state-of-the-art gaming rooms which feature a combined 80 Electronic Gaming Machines (EGMs).
“The Isa Hotel consistently performs as a top ten gaming venue in Queensland.
“The Isa Hotel’s gaming room underwent a complete refurbishment in 2013 and it goes a long way to showing why the room performs so strongly,” Mr Tsalikis said.
The hotels also offer patrons a choice of four bars plus a beer garden, two restaurants including a highly regarded steak house, function and board rooms, and the addition of a kids’ play area.
The hotels also feature a drive through bottle shop, a ‘big box’ liquor barn, and have a combined 70 guest rooms, making it Mt Isa’s premier accommodation destination.
“The previous owners have a long and proud history in Mount Isa, which extends beyond their acquisitions of the Hotels,” Mr Tsalikis said.