Ex-Wallaby turned publican Bill Young has added to his growing pub portfolio, buying the Gem Hotel in Griffith.
Publican Jim Knox has divested his landmark Gem Hotel in NSW’s Riverina region. The award-winning pub underwent a highly competitive sale process, guided by HTL Property’s Xavier Plunkett and Andrew Jolliffe. The sale price was reportedly in line with pre-marketing guidance, which was around the $50m mark.
Occupying a 2,547sqm site in the heart of Griffith’s CBD, the Gem Hotel is considered one of the most profitable and highest-performing hospitality assets in regional NSW.
The mixed-hospitality venue is one of NSW’s top five regional gaming venues, with 29 entitlements and 3am trading approval. It also contains the multi-award-winning Bull & Bell Steakhouse, ranked among the world’s Top 101 steakhouses in 2023. The hotel also features 65 four-star hotel rooms achieving premium occupancy and rates. The hotel features sophisticated Paul Kelly–designed interiors across all departments.
Gem Hotel’s annual revenues exceed $13 million, with strong earnings derived from food, beverage, gaming and accommodation. Under Knox’s guidance it’s also won multiple AHA NSW awards, including Regional Hotel of the Year in 2022.
Knox, who has been a prominent figure in both the Riverina and New England hotel markets, stated: “The Gem has been an extraordinary part of our business journey. We are proud of the scale and reputation the hotel has achieved, and I’m confident it is in excellent hands with Bill Young and his team.”
Over the last few years, Knox has been moving out of the Griffith market, noting last year with the sale of the Area Hotel, that while the region has been good to the business, “…it poses geographical challenges for our key personnel and in the medium term, we are looking to consolidate our holdings closer to our head office in the New England Region.”
The acquisition of the Gem Hotel is the first venue for Young outside of Sydney, put joins an extensive beef cattle production business. Within Sydney, Young’s pub stable includes Five Dock Hotel, Concord Hotel, Illinois Hotel and Bar Broadway.
“We’re delighted with the acquisition of The Gem, and look forward to further enhancing the already outstanding reputation the hotel and the proud Riverina district is known for,” stated Young.
Plunkett emphasised the enormity of the sale, of what is widely considered one of the best hotels within regional NSW.
“The Gem Hotel represents a truly trophy-grade asset, to date unmatched in scale and profitability across the regional NSW hotel market,” he suggested.
The acquisition by Young further underscores the continued appetite for high-quality regional assets.
“The patent economic strength enjoyed by Griffith and its surrounding area and driven primarily by agriculture, manufacturing and viticulture; provides a robust platform for sustainable long-term hotel trade,” stated Jolliffe. “The landmark sale of the Gem Hotel sets a new benchmark not just in Griffith or the Riverina, but across the entire regional hospitality landscape.”