By Clyde Mooney – editor Australian Hotelier
Speculation is rife about the future of Coles’ hotels business, with its two New South Wales freehold pubs hitting the market this week.
Both the Palms Hotel in Chullora and the Long Jetty Hotel at The Entrance have been listed for sale as freehold going concerns, suggesting Coles is entertaining an alternative to its previous hopes of finding an operational partner for the pub business.
Sydney hotel broker Jones Lang LaSalle is managing the sale by tender of the Palms, while CBRE is handling the expressions of interest campaign for the Long Jetty.
Both agents declined to comment to TheShout. Electronic brochures circulated to industry this week do not mention the identity of the pubs’ current owner. [continued below]
The Long Jetty Hotel
JLL bills the Palms – ranked number 58 in the state’s Top 200 gaming venues – as a “renovator’s delight” with “large format retail liquor potential”.
The Long Jetty is being marketed by CBRE as highly profitable with a broad mix of revenue streams in a well-maintained venue in a prominent position.
Coles operates a total of 92 hotels across Australia, with the total portfolio thought to be worth in excess of $900 million.
A Coles spokesperson told TheShout: "We keep our property network under review to ensure we have the best portfolio for our business and our customers."