Peter Stark’s Platinum Group has sold the Montague Hotel, in Brisbane’s West End, for a reported $20m.
The freehold going concern has been acquired by a local ‘family-owned hospitality group’ which possesses a portfolio of Queensland pubs.
The venue is found on a 787 square metre site, and across three storeys, with sports and lounge bar areas. The Montague Hotel also boasts 10 gaming machines, with approvals for up to 18, and a bistro, gaming room, commercial kitchen and basement car parking space. Also included in the deal were three detached bottle shops.
The sale was negotiated by CBRE Hotels’ senior director, Paul Fraser, who stated that assets like the Montague rarely came up for sale.
“Opportunities to acquire high-quality freehold going concern gaming assets within a key Brisbane entertainment precinct such as the West End are increasingly limited.
“These factors underpinned strong interest in The Montague Hotel, which was sold via a confidential, invite-only process,” he continued.
The vendor, Stark, reflected on his time at the hotel.
“Having owned the Montague Hotel for nearly six years to the day, we would like to thank the local community for their support and patronage. We also would like to wish the new owners the best and look forward to seeing what the future holds for the hotel.”
While a representative for the purchasing group expressed their delight at the acquisition.
“We are excited about the opportunity to acquire the operations of such a landmark Brisbane hospitality venue,” the spokesperson said.
“We also look forward to continuing the Montague Hotel’s strong connection and relationship with the local West End community.”
Fraser believes that the increased interest in Brisbane’s West End comes as major sporting events are set to put the focus on the river city.
“With the Brisbane Olympic Games and both the men’s and women’s Rugby World Cups rapidly approaching, the positive sentiment in Brisbane’s hospitality market is continuing to increase, despite the current difficulties associated with inflation and rising interest rates,” the CBRE Hotels senior director said.
“Investors are focusing on the strong underlying fundamentals in the South East Queensland pub sector and are seeking to secure a foothold in the market in the lead up to 2032.”