By Andy Young
The pattern of large-scale pub transactions is continuing as the largest hotel in Queensland, The Acacia Ridge, has been sold by Sydney hoteliers Peter Calligeros and partner Steve Farley.
The pair bought the hotel in 2014 for $16m and Ray White’s Asia Pacific Director Andrew Jolliffe confirmed it has been sold for approximately $26m. Marketed by Ray White and CBRE Hotels, Jolliffe said he believed the strong sale price was directly indexed to the Acacia Ridge Hotel’s huge 18,000sqm block, situated prominently on the very active Beaudesert Rd in the blue collar industrial precinct of Acacia Ridge. With Jolliffe noting that this compelling formula appealed to a cross section of hoteliers and developers alike.
“The Acacia Ridge Hotel is regarded as one of the most valuable, and therefore sought after hotel properties in Queensland; having recently undergone a strategic renovation which consequently catapulted the hotel’s State gaming ranking; consistently in the State's Top 10 hotels when ranked by profit.” Jolliffe said.
“The 45 Electronic Gaming Machines operated at the hotel are well supported by a balanced business model, which includes a large format drive-through bottle shop, multiple bars and conference facilities; as well as a 34 room accommodation centre; with the whole complex complemented by a 230 space car park.”
Co-agent for the deal, Glenn Price from CBRE Hotels, added: “The critical land size upon which the Acacia Ridge Hotel is located, a proportion of which is supplementary to the current hotel operation needs, provided the purchaser with ancillary mixed use development opportunities.”
Jolliffe also confirmed that while there was interest in the hotel from investors in Queensland, Victoria, the Northern Territory and NSW, the successful buyer ultimately came from Sydney.
Calligeros was understandably delighted with the sale, saying: “My partner and I are particularly happy with the result, and the manner in which the sale process was run. It was a significant investment for us, and we wish the new owners well.”