Landmark Tweed Heads hotel, The Ivory Tavern, has changed hands, with Sydney based Lawless Hotel Group assuming control of the business operations.
The deal was struck off market through Glenn Price of CBRE Hotels. It represents the second northern NSW venture for Lawless Hotels following the group’s 2013 purchase of the Middle Pub Mullumbimby from Redcape Hotel Group.
Lawless Hotel also has the option to buy the Freehold of the Tavern at a later date.
The high profile Ivory Tavern occupies a strategic landholding of over 8,800sqm, situated on the banks of the Tweed River. It incorporates a 200 seat restaurant, public bar, lounge bar, gaming room with 14 Poker Machine Authorities and large wrap around deck with river views.
The tavern also benefits from direct access to a 32 berth marina designed for long term and short term occupancy. The berth sizes range from 10m to 20m, while vessels over 20m can be accommodated for short term periods.
Glenn Price, Associate Director of CBRE Hotels, said; “There has been a continual march north of Sydney based capital in the past two years as hoteliers look for value outside of the Sydney Metropolitan region. In the case of northern NSW, the region is in in the enviable position of attracting not just NSW based hoteliers but also Queensland based publicans looking to get a foothold in what is traditionally a tightly held market.”
Mr Price went on to say; “For Lawless Hotels it was a logical fit, with the group already having a successful food and beverage based hotel operation close by. They could see a synergy between the two hotels which would also afford them operational advantages.”
Brenden Lawless, owner of Lawless Hotel Group, commented; “The Ivory ticked all the right boxes for me and was exactly what I was looking for as my second venture in the area. It’s not every day you find a waterfront hotel with a marina and the flexible layout will allow me to reposition the hotel and design, to offer a far superior concept to the public.”
Mr Lawless will immediately undertake renovations of the hotel which will include a purpose built function centre to cater for weddings and corporate events. A smoking solution will be incorporated into the gaming room and an upgrade to the gaming hardware will also be undertaken.
“I want to turn the tavern into a place where all age groups are catered for and can come and relax in this truly unique setting. I intend to install a significant children’s play area at the hotel to give parent’s piece of mind that their children are happy, safe and welcome here,” Mr Lawless said.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.