The Panorama Hotel in Bathurst has been sold by the Gibbons family after 11 years of ownership, with sources suggesting the price was in excess of $25m.
The freehold going concern interest in Panorama Hotel Motel in Bathurst has been sold by the Gibbons family in an off-market deal to Harris and Narvo Hotels, scheduled for completion in September. The deal was brokered exclusively by JLL’s Kate MacDonald.
Positioned on a three-acre site in the heart of Bathurst, Panorama Hotel Motel has been owned by the Gibbons family for 11 years and run under management for a portion of that time.
The property is located on Durham Street, the main thoroughfare through Bathurst, adjacent to the Bathurst Showground. The acquisition includes 12 GMEs, 70 well-appointed motel suites, a currently unused manager’s apartment, swimming pool, and off-street parking for 87 vehicles. While the hotel’s lower ground floor has been a popular venue for local celebrations, it currently operates on a bookings-only basis.
Incoming operators, Harris and Narvo Hotels, operate a range of award-winning regional NSW venues, including Hotel Gosford and the Lakes Hotel on the Central Coast, in addition to venues in the Newcastle and Snowy Mountains regions.
The group have been esteemed regional pub operators for decades, with founders Peter and Jane Harris and Gary and Kerry Narvo inducted into the AHA NSW Hall of Fame and receiving the Cyril Maloney Medal last year.
The addition of the Panorama Hotel works with the group’s current operational strategy that places emphasis on pubs with an accommodation component.
“We have been searching for another quality accommodation asset for some time to complement what we are doing at Gosford and Banjo Patterson Inn, Jindabyne, specifically targeting regional hubs with promising growth potential. The team at the Panorama have been running a great asset and after spending some time to understand the venue and community, with think it’s a good fit for us for the years to come,” stated group GM Jordan Harris.
“We started in country pubs, so it’s great to be able to keep investing there and especially in a strong regional city like Bathurst. We’re looking forward to working closely with the Panorama team and local community on upgrades to both the pub and accommodation facilities over time.”
MacDonald commented: “This transaction demonstrates a real uptick in investor appetite for quality regional pub assets, particularly those in thriving regional centres like Bathurst. The increasing demand for pubs with accommodation has also become increasingly evident as owner operators look to diversify their trading mix.”