By Andrew Starke

A further pub belonging to former Oaks Hotels and Resorts CEO Brett Pointon has been listed for sale.

Receivers and managers Guy Edwards, Darryl Kirk and Paul Kirk of PwC have put Hotel M and the adjoining Metropole Hotel in Townsville on the market with Jones Lang LaSalle (JLL) Hotels to handle the sale.

The same receivers last week put the Grand Hotel at Gladstone and The Australian Hotel in Townsville on the market.

The hotels, which are part of Pointon's privately held property empire with Oaks Apartment Management as trustee for The BM Pointon Family Trust listed as the owners.

Hotel M (also known as M on Palmer) is a 4.5 star boutique apartment hotel and features 104 guest rooms, a gymnasium, swimming pool, and onsite car parking for approximately 71 vehicles.

Having recently undergone major renovations, the Metropole Hotel features a sports bar with adjoining outdoor terrace, a large restaurant, bistro service area and bar, a gaming room with 15 electronic gaming machines (EGMs), extensive function rooms including a bar and wrap around balcony with water views.

“The Metropole serves as the main food and beverage outlet for hotel guests, however, as it has frontage onto Palmer Street the pub also attracts substantial additional patronage from the general public,” said JLL Hotels manager – pub investment sales Paul Fraser.

Hotel M and the Metropole Hotel are being offered for sale with the opportunity to purchase in-one-line or individually via an Expressions of Interest campaign closing Thursday May 5 2011.

"With consistent demand from the resources, government and defence sectors, a mooted new cruise ship terminal, growing army and navy defence base, and general improvements in the overall hotel trading market, hotel owners in Townsville have every reason to be optimistic about future trading potential." said JLL Hotels senior vice president – investment sales Wayne Bunz.

“Due to the enviable location and excellent investment fundamentals of both hotels we are anticipating significant interest from a number of hotel and pub investors looking to gain a foothold in this evolving regional centre.”


The Shout Team

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

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