The Commercial Hotel and the Tara Hotel Motel are being offered for sale in one line by exclusive marketing agents Leon Alaban, Christian Tsalikis and Joseph Ganim of Savills.
Senior Sales Executive of Savills Hotels, Joe Ganim, said that enquiry levels on the assets have been strong due to them being the only venues in town.
“The opportunity is suited to an owner operator, however the Hotel’s trade has the ability to support a management team, opening up the opportunity to a wider market,” Mr Ganim said.
The Commercial Hotel occupies a total site area of 2,071sq m and includes facilities such as a public bar, restaurant, gaming (12 EGM’s) TAB and Keno as well as a drive through bottle shop.
Accommodation of the Commercial Hotel features 13 hotel rooms, six (6) self-contained cabins and a three bedroom managers flat.
Whilst not in operation, the Tara Hotel Motel sits on a 2.79ha site and currently provides accommodation overflow from the Commercial Hotel via its 25 motel rooms of which six (6) have been recently refurbished by the owners.
The Tara Hotel Motel is being sold with four (4) gaming authorities, allowing for sale of the authorities through tender, or to be turned on again if the venue is re-opened under new ownership.
Senior Sales Executive, Christian Tsalikis, said the layout of the opportunity offers immediate upside.
“There is an opportunity for a new buyer to capitalise on the value-add opportunities with the land size obviously providing plenty of upside potential,” Mr Tsalikis said.
Expressions of Interest on the Commercial Hotel and the Tara Hotel Motel in one line close at 4pm on Thursday 7 November 2019.
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