By Clyde Mooney
The booming mining town of Gladstone has offered up another nugget in Australian hospitality.
Strategically situated on the town’s main CBD corner, the Queens Hotel is central to a thriving mining town with a low and falling vacancy rate.
The hotel incorporates a large public bar, steakhouse restaurant, gaming room with 23 machines, TAB, 27 x 3.5 star motel accommodation rooms and large function room.
Jones Lang LaSalle is brokering the sale and Paul Fraser, Queensland manager of pub investment sales says that the area’s broad commodities base of LNG, coal and aluminium shows no signs of slowing down.
“This is an exciting opportunity for investors and operators in the booming Gladstone market, and is possibly the last hotel in Gladstone to be offered for sale foreseeably,” Fraser told TheShout.
JLL’s national director of pub investment sales, John Musca, added that the area has previously shown strong buyer interest.
“With the recent highly contested sale of the Tannum Sands Hotel and Grand Hotels in Gladstone, we saw a broad level of investor, operator and developer interest in what are fundamentally strong and growing cash flow assets on sites that have value-add development scope.”
The sale is being run as a tender campaign, closing November 15, 2012.