By Clyde Mooney, editor Australian Hotelier
One of Sydney's top performing gaming hotels has hit the market, with experts noting sales of this type of asset are becoming rarer and rarer.
The Grand Hotel is a Top 30 venue boasting 30 EGMs and a 24-hour licence in the gaming-centric district of Rockdale, with significant upsides including an improved smoking solution.
It enters the market for the first time in 34 years, which JLL’s manager – pub investment sales Sam Handy says is indicative of the availability of AAA gaming assets.
Handy told TheShout that OLGR’s recent gaming rankings show 30 per cent of the State’s Top 50 gaming pubs are in the hands of corporations, and a further 50 per cent are owned by large-portfolio publicans.
“This then leaves just 20 per cent of the state’s best gaming pubs under private single asset ownership and potentially available for acquisition in the short to medium term.”
The sale of the Grand, situated in the heart of Rockdale amongst three other Top 100 performers, will be conducted by public tender closing 30 October.
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