Pelathon Pub Group sells Queens Hotel for 37% gain
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.
21 Sep 2018
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.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.