Opportunity arises to buy into Victoria’s tightly-held gaming market

Geelong’s best-performing gaming and entertainment venue, The Sphinx Hotel, has been listed for sale after 50-plus years of operations by the Ramia Family.

Located at 2 Thompson Rd, the hotel is positioned on a 15,000sqm freehold land parcel and has 16 well-appointed accommodation rooms of various configurations, with approvals in place to develop a further 24 rooms.

The hotel also comprises a suite of 67 electronic gambling machines, multiple bar areas and function rooms, an outdoor beer garden, a TAB and a recently renovated sports bar.

The sale includes a dual-lane Thirsty Camel branded drive-through bottle shop and a licence capacity for 1,010 patrons.

CBRE Hotels’ Senior Director Scott Callow has been appointed to manage the sale via an Expressions of Interest campaign closing April 11th, 2024.

The hotel is available as either a new long-term lease or a freehold going concern. The incoming operator’s tenure in the asset will be secured with a new long-term 20-year lease with two 20-year options.

The rental will be set at market, ensuring the rental amount is in line with the asset’s financial performance.

“Geelong's Sphinx Hotel presents a compelling investment opportunity in the thriving gaming and entertainment industry. We anticipate strong interest from a range of investment segments seeking to gain a significant foothold in Victoria’s tightly held gaming market,” Mr Callow said.