ASX Listed Endeavour Group Settle First Queensland Hotel

Veteran Hotelier Peter Bridge has sold the Commercial Hotel Charters Towers through expert agency HTL Property, handing the keys to the recently listed Endeavour Group (ASX:EDV), in what has been a flurry of regional
transactions throughout 2021.

The purchase of The Commercial is the first settled acquisition in Queensland for the Endeavour Group since the demerger from Woolworths in August of this year. The Hotel will be controlled by the operational arm of Endeavour, ALH Group; which operates over 330 Hotels within its national stable.

The sale of the Commercial Hotel was handled by industry leading brokerage firm HTL Property with State Directors Glenn Price and Brent McCarthy negotiating the sale. HTL Property also handled the sale of the first
nationally acquired Hotel by the listed Endeavour vehicle in the form of Sydney’s post demerger, The Terrey Hills Tavern in July of this year.

“The purchasers were drawn to the opportunity as they had no current foothold within the region” advised HTL Property Director, Brent McCarthy. Accordingly, the Commercial Hotel offered Endeavour a well balanced business with diversified revenue streams
throughout the multifaceted property; and which includes a family bistro, public bar, gaming room, accommodation and a well-established drive through bottle shop. Endeavour’s acquisition also included two adjoining properties, and a lease over part of the former Crown Hotel Motel” added Mr McCarthy.

“We are seeing both extensive depth and breadth in the regional market buyer universe, with the complexion of acquisitive groups, both corporate and private in nature and complemented by individual hoteliers, at an all-time
high” concluded McCarthy.

“Regional Queensland has been resilient in the face of travel restrictions, and which has not gone unnoticed by multiple publicans and pub groups looking to deploy capital and maximize returns” commented HTL Property Director, Glenn Price.

“As such, Regional Queensland is being seen as a comparative safe haven given the often strong economic dynamics exhibited in rural areas, coupled with the existing and defined arbitrage between the cost of debt and
the often more accessible yields that purchasers are able to acquire compared to those experienced in major cities” Price added.

“Pursuant to this newfound demand, many generational publicans are looking to cash in on their years of hard work and dedication in order to achieve returns not previously available in the regional areas” Price concluded.

Charters Towers is located 140km West of Townsville and enjoys a population of some 8100+ residents. Beef production is the major economic activity in the area; along with mining, tourism and education industries also prominent drivers.

The Commercial Hotel was sold following an off market, invitation only, Expression of Interest campaign.

End.