By Andrew Starke
Tasmanian hotel, motel and bottleshop owner Goodstone Group is the latest operator to test the market with a number of pubs and bottleshops being made available.
The Goodstone Hotel Group assets are located in the north-west of the state and include 10 freehold going concern hotels, a leasehold hotel, a large freehold night club and bar complex, two freehold liquor barns and a freestanding liquor barn site and the Big Bargain liquor buying and marketing group.
Jones Lang LaSalle Hotels have been appointed as agents and expressions of interest close on May 13 2010.
“This is the most significant retail liquor and gaming market share opportunity to be made available to the Australian investment marketplace since Lasseters Hotel and Taverns Group in 2007,” said Jones Lang LaSalle Hotels national director of pub investment, John Musca.
“Furthermore it is a first time opportunity to secure the largest independent liquor retailer in the marketplace and a portfolio of gaming hotels that include five Top 30 statewide gaming venues, in one competitive acquisition in Tasmania.”
Musca said that six of the Goodstone Group hotels generate over $50,000 per week in average weekly retail sales, with the group generating in excess of $30 million of off-premise liquor sales annually, making it a significant player in the off-premise liquor market in Tasmania.
Established in 1988 with the acquisition of what is now known as the Lighthouse Hotel, the group comprises over 60,000sqm of freehold hotel sites.
In addition the group includes 325 gaming machines representing 14 percent of all gaming machines in Tasmania.
The private owners of the Goodstone Group, who have been in the industry for 22 years, are believed to be exiting the business to pursue personal interests.