Continuing its push into the Queensland market, Redcape has acquired the Maeva Hospitality portfolio of Sunshine Coast pubs.
Maeva Hospitality, owned and operated by highly regarded publicans Scott Armstrong and Richard Deery, operates four large-format hotel assets and nine bottle shops in the rapidly growing Sunshine Coast region. Renowned as some of the best hotels within the state, the off-market transaction delivers significant strategic, geographical and financial representation and scale for Redcape.
The portfolio acquisition by Redcape includes Bli Bli Hotel, Baringa Tavern, Parklands Tavern & Brightwater Hotel.
All four assets were developed as greenfield sites by Maeva. Located within coveted shopping centre precincts, the combined assets offer a WALE in excess of 45 years and enjoy a combined annual turnover north of $63 million.
“I would like to warmly congratulate Chris Unger and his team at Redcape on the acquisition of our portfolio,” stated Maeva Hospitality founder Scott Armstrong.
“Our assets are some of the most recognised pubs on the Sunshine Coast and we would like to think arguably the best presented. We are grateful to have received multiple accolades over the years for each of our venues, and Richard and I hope to have left a legacy for the local communities with the venues we have collectively created; and which we feel confident Redcape will continue to grow into the future.”
The hotels
The Bli Bli Hotel is located within the newly constructed Bli Bli Village Centre, with the hotel occupying an impressive 2,350sqm over three levels of the five-storey building: including a drive-through bottle shop on the ground level. The Hotel was awarded Best Hotel (Metropolitan) and Best Bistro at the 2024 QHA Awards.
The Baringa Tavern is located in the Baringa Town Centre within the Stockland Aura development. Baringa is the first suburb to be built within the future city of Aura; and comprises 2,400 hectares on the interface of Caloundra on the Sunshine Coast. The family-friendly tavern opened in 2019 and is spread across a 1,300sqm footprint. A number of both indoor and outdoor areas provide flexible options for patrons. The pub includes two bars, a large bistro area, a gaming lounge with 28 gaming machines, and sports bar complete with a massive video wall.
The Brightwater Hotel is widely regarded as one of the top pubs on the Sunshine Coast; the Brightwater first opened in November 2013. The hotel provides a relaxed, flexible and family-friendly social hub, comprising three bars, a bistro, two dining rooms, a 250-person function facility, and a gaming lounge with 30 EGMs. The sports bar features 17 taps, a massive video wall and full surround sound, offering the latest TAB facilities with TAB’s exclusive Venue Mode also available onsite. The Brightwater was awarded Best New Hotel & Best Bistro at the 2014 QHA Awards.
Parklands Tavern was established as a garden oasis – a relaxed and inviting environment that reflects typical Australian hospitality and ease. This family-orientated pub is equipped with three function areas, an indoor and outdoor sports bar, a large kitchen, gaming lounge, high impact sports bar, kid’s lounge and vast outdoor entertaining areas. The Yard Bar offers a true Australian backyard experience, and it provides a real point of difference to other pubs providing a great place to catch up with family and friends.
Redcape’s Queensland focus
Since December 2024, Redcape have now acquired ten hotels within Queensland, for a combined total of $220m.
“The Maeva portfolio will complement and fit nicely into our existing portfolio of high performing pubs and continues our diversification and income growth strategy. On the back of continued strong trading and execution of our acquisition strategies, Redcape has once again upgraded our distribution to investors and this transaction will strengthen that further. We are excited to welcome these outstanding venues and teams into our fold and thank and congratulate Scott and Richard,” stated Redcape managing director Chris Unger.
The Maeva Hospitality portfolio sale was guided by HTL Property’s Glenn Price, Andrew Jolliffe and Daniel Dragicevich, who have been assisting Redcape for many months in their pursuit for SEQ assets.
“In 2024 Redcape set out on a deliberate path to scale up their stronghold of pubs in South-East Queensland. Identifying multiple opportunities for this strategy, we (HTL) have worked closely with our valued clients (Maeva Hospitality Hotel Group) providing them with a timely divestment strategy, capitalising upon favourable market forces,” stated Price.
“The Maeva Hospitality Group pub portfolio, astutely developed and curated by industry stalwarts Scott and Richard, is at least on par with any collection of hotel venues across the country. Each asset exhibits not only the intrinsic fundamentals vital to a sustainably successful operation, but are also individually and strategically located within major residential growth precincts, adjacent retail centres and with almost exclusive catchments enabling them to enjoy success well into the future.”