By James Atkinson
Australian Leisure and Hospitality Group (ALH) has sold a further two hotels for a combined total of $16.625 million as part of its ongoing sale and leaseback campaign.
The Club Tavern & BWS liquor outlet in Caboolture ($7.5 million) and the Benowa Tavern on the Gold Coast ($9.125 million) have both changed hands through joint agents CBRE Hotels and Burgess Rawson.
The sales are the latest in a recent round of ALH sale and leasebacks, with the pub group offloading the freeholds of three other venues in May.
CBRE Hotels director Joel Fisher said all five assets were sold on yields ranging from 7.5 per cent to 8 per cent, highlighting the market's confidence in ALH as a tenant.
Burgess Rawson director Billy Holderhead said a broad spectrum of buyers had enquired about the assets, ranging from private investors across all Australian states, established publicans and international hedge funds.
Fisher said the sale of the Benowa Tavern – a single level hotel with a large drive through BWS bottle shop – had been completed last week to a Sydney-based private investor who had been keen to add to his commercial property portfolio.
The Club Tavern was purchased by a Victorian-based private investor.