Australian Venue Co. (AVC) has acquired ten of thirteen venues within the Hallmark Hospitality portfolio.
AVC, Australia’s second largest pub group, has acquired the majority of the Hallmark Hospitality stable of venues across Brisbane and the Gold Coast. The acquisition is of ten venues: The Lord Alfred Hotel, The Cavill Hotel, Sandbar, both Finn McCool’s pubs and Retro’s Cocktail Lounges, Lefty’s Music Hall, Hey Chica and Enigma. Left out of the deal are Maggie May, The Spotted Cow Hotel and Lost Kingdom nightclub, which will be retained Hallmark Hospitality.
As part of the deal, the Hallmark Hospitality teams will continue to operate the venues, alongside AVC, including director Scott Hempel.
“With venues across Brisbane and the Gold Coast, the Hallmark Hospitality team has developed some exceptional brands and venue experiences that are well-loved within the local communities. We have admired some of these renowned establishments for some time,” stated AVC CEO Paul Waterson.
“From the high-energy Lefty’s Music Hall on Caxton Street to the traditional Finn McCool’s Irish pubs in Brisbane and the Gold Coast, each of the Hallmark Hospitality venues delivers a unique and memorable experience for local customers. We look forward to working with the existing teams, who will stay on and continue to operate the venues.”
Waterson continued: “What attracts us to the venues is Scott and his team have really shown the ability to develop and execute on high quality venues. We are attracted to venue with long-term, sustainable earnings profiles, and these very much fitted that profile. They’re in great condition, they’re performing really well.”
Hallmark Hospitality was named the Best Hotel Group Operator at the 2024 QHA Awards, with Lefty’s Music Hall being named the Best Entertainment Venue, and Finn McCool’s receiving the honour of Best Draught Beer Venue.
“Hallmark Hospitality is proud of the exceptional brands and experiences our team have cultivated over the years. Each venue, from the vibrant atmosphere of Lefty’s Music Hall to the welcoming charm of Finn McCool’s, holds a special place in the hearts of our local communities,” stated Hempel.
“We are confident that under the stewardship of Australian Venue Co., these venues will continue to thrive. Our dedicated team, who have been the backbone of these successful operations, will remain in place to continue delivering the high-quality service and memorable experiences our patrons expect.”
The acquisition is the first significant, multi-venue buy – the type that AVC are renowned for – under the new majority ownership of Hong-Kong based alternative investment firm PAG. When the sale was announced last year Waterson told Australian Hotelier that PAG had backed AVC from the outset to continue its acquisition strategy, putting in place a $200m funding capacity to continue on with acquisitions.
“When PAG acquired their stake in AVC, our strategy didn’t change. Our overall strategy is really underpinned by really good organic growth within venues, being able to add capacity and develop existing venues, and acquire new venues. So the intent was always to continue along the pathway we’re already treading.”
AVC has no plans for any changes to any of the Hallmark Hospitality venues it has acquired in the short term.