By Clyde Mooney – editor Australian Hotelier

The AHA NSW's 2012 'Best Redeveloped Regional Hotel' has come on the market after a successful re-invention that took it from 'rags to riches'.  

Shedding its reputation as one of the country's roughest pubs, the Royal Hotel in Queanbeyan became a showpiece after a massive renovation by new owners in 2010, Pubfunds. 

The pub is now for sale through a campaign run by Ray White Hotels director Andrew Jolliffe.   

"It was down and out for some time and didn't serve any food for about three years," former chef turned hotelier and Pubfunds director, Peter Griffiths, told AHA NSW publication Hotel News.  

"So we thought the best way to bring it back was to create a family and female-friendly hotel that was food-focused."

Neglected for nearly 30 years, the venue is now doing nearly 3,000 meals a week and was described to TheShout by Ray White's Jolliffe as "one of the best regional hotels he had ever seen". 

Jolliffe said quality regional hotels are "very much back on the acquisition radar of astute investors" with such an attractive spread between yield and the cost of capital. 

"In the past few weeks we have sold hotels in the Blue Mountains and on the Central Coast, and we have another four hotels under contract.

"However, hotels with the quality and earnings profile of the Royal at Queanbeyan are seldom available." 

Jolliffe said that Queanbeyan has been flying "under the radar" in terms of opportunity for investors, considering its proximity to Canberra and the fact that it has only five pubs, despite its population of around 40,000.

The multi-storey hotel boasts revenue streams from five strong retail tenancies above and beyond that of the bar, restaurant, 19 gaming machines and accommodation. 

For more on pub real estate – see TheShout's Pubs for Sale page.

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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