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Press Release

Red Steer Sale Brings Up $100m for HTL

HTL Property is delighted to announce the off-market sale of the Red Steer Hotel and Motel, Wagga Wagga.

The Hotel was slated for public auction in April this year; however an off-market deal was brokered by the exclusive agents HTL Property prior to the commencement of the marketing campaign.

“The strong growth in the Boman Industrial Estate and Northern Wagga Wagga residential growth corridor, as well as the proximity to Charles Sturt University; were key selling points for the asset” advised HTL Property Director, Xavier Plunkett.

Exclusive agency HTL Property is bound by confidentiality regarding both price and the purchaser’s details; however advise that the Purchaser is a private Sydney Hotelier with current intentions to close the venue briefly for some cosmetic renovations, and in order to implement a new management solution for the asset.

In addition to gaming machine entitlements, and revenue derived from the popular entertainment the hotel is well known for; there exists significant underlying land value in the expansive 5,000m2* allotment; including the improvements which consisted of a hotel with multiple bars, a bistro, commercial kitchen, large beer garden, and a freestanding motel with 13 accommodation rooms and three-bedroom manager’s residence.“We continue to see strong capital appreciation in the regional pub market.

Undercapitalised hotel assets in strong regional centres such as Wagga Wagga continue to be highly sought after by experienced Sydney based hoteliers seeking value outside of traditional metropolitan markets” commented Plunkett.

This is the eighth Freehold Going Concern hotel sale in the city of Wagga Wagga for HTL Property in the past 2 years, representing approximately $100m worth of deal flow and 100% market share of broker-generated pub sales for the specialist firm during that period.

Other recent sales by HTL Property in the city include the Thomas Blamey Tavern for $25m and the Victoria Hotel for $29m.

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