By Andrew Starke
Two of the Ryan Hotel Group’s flagship pubs have been listed for sale under instructions from the receivers and managers, McGrathNicol.
The Del Plaza Hotel at Southport and the Grinning Dog Tavern at Maroochydore will be sold through an expression of interest campaign to be run by CB Richard Ellis.
Analysts believe the dearth of quality hotels over the past 18 months will see this sale setting a precedent for future sales.
There is presently a large discrepancy in valuations between owners, many of whom acquired their properties at the top of the market, and the current crop of potential buyers.
The two Queensland pubs join a further six Ryan Hotel Group hotels on the market, although these are being sold by Power Jeffery.
The expressions of interest campaign will be steered by CBRE’s Craig Harley, Joel Fisher and Mark Witheriff, with offers closing in early November.
CBRE hotel brokerage manager Craig Harley said both hotels were trophy assets that were expected to attract significant buyer interest.
“The Del Plaza Hotel is one of the best local hotel operations in the area,” he said.
“The Grinning Dog Tavern venue offers one of the best locations of any hotel on the Sunshine Coast.”
The landmark Del Plaza Hotel is located at the northern end of Southport’s business district at the corner of Scarborough and Nind streets.
The upper level of the premises has accommodation rooms and a function area and there is an associated drive-through bottle shop fronting Nind Street.
The approximately 1,619 square metre site also offers future development potential under the Gold Coast City Council planning scheme.
The other hotel listed for sale is the Grinning Dog Tavern, a venue which has been recognised as offering one of the best family dining experiences on the Sunshine Coast.
Harley said the property’s restaurant area was adjacent to a children’s playground area, which helped promote the tavern’s family atmosphere.
The hotel also offers a separate liquor barn as well as TAB facilities.
“This is an ideal opportunity for an experienced operator to enter the venue and, through effective marketing, promotion and fresh ideas, increase revenue and operating margins,” Harley said.