Australian Venue Co – formerly Dixon Hospitality – has made another hotel purchase, acquiring the leasehold of the Prince Alfred Hotel in Richmond.
The acquisitive national hospitality group –as suggested by its new name – has made several purchases of late in Queensland and the Northern Territory, but has returned to its place of origin with this Melbourne buy.
Australian Venue Co has struck a deal with freehold owners O’Brien Group Australia for a 20-year lease, with the leasehold price remaining undisclosed. The two groups have a long history of working together, with O’Brien Group Australia owning the freeholds of the Imperial on Bourke Street in the heart of Melbourne’s CBD, and Buffalo Bar in Brisbane. Australian Venue Co view both venues as flagships of their business.
“As a hotel operator it is always enormously helpful when your landlord knows the industry intimately,” stated Paul Waterson, CEO of Australian Venue Co.
The deal comes as O’Brien Group focus more heavily on their stadia business, operating the likes of Suncorp Stadium and The Gabba in Brisbane, AAMI Park in Melbourne and Eden Park in Auckland.
While operating more than 50 venues across the country, Prince Alfred Hotel joins Australian Venue Co’s stable of high-performing Melbourne venues that include the likes of The Duke in the CBD, The Wharf Hotel in South Melbourne and The Provincial in Fitzroy.
“Over the last 3 years, we’ve seen remarkable growth as we’ve adopted and created some of the most exciting brands in the Australian hospitality industry,”stated Waterson.
“Prince Alfred is a locally loved venue in Richmond and we’re excited to bring the next chapter of the venue to its patrons.”