Trifecta – HTL Property announces the Firm’s 8th, 9th and 10th New England Pub Sales for 2021

HTL Property is delighted to announce to the market the sale of a significant portfolio of 3 Freehold Hotels in the New England town of Moree. As the preferred and exclusive agency, HTL Property has managed the sales of:

a) the Freehold Going Concern Interest in the Post Office Hotel Moree;

b) the Freehold Passive Interest in the Victoria Hotel Moree, and

c)the Freehold Vacant Possession interest in the Moree Hotel

The multimillion dollar deal is the first significant regional pub portfolio sale announced to the market for the current financial year, and highlights the ongoing and well publicized demand for quality income-producing regional pub assets.

The purchaser for the trifecta of Hotels is established regional hotelier Jim Knox, who continues his run of strategic acquisitions having recently settled the Royal Hotel in Moree, the Whitebull Hotel in Armidale, and the Grafton Hotel in Grafton – all sold through HTL Property.

The complex deal was brokered by HTL’s Xavier Plunkett, who cited operational and geographical synergies for the purchaser as the main motivation for the acquisition.

“From a yield perspective, Moree is very attractive to us” commented Purchaser, Jim Knox.

“There are no doubt geographical challenges with Moree and that perhaps makes it a little less competitive with the larger hotel groups on the buy side” Knox added.

“However, we are confident with our strategy; and have now acquired the suite of Moree assets on a yield acceptable to us for the locality” Knox concluded.

“Economically, Moree has benefited from the breaking of an historically long drought, the trickle down effect of a 10-year high cotton price and the enormous infrastructure spend and blue collar employment opportunities resulting from the Federal Governments $15bn Inland Rail Project” offered HTL Property’s, Xavier Plunkett.

Vendors for the sale are private hoteliers Sally Mishell and Gina Benson who highlighted retirement as the primary motivator for the divestment.

Noting that Sally and Gena had owned ‘the Vic’ for over 10 years; and had only recently acquired the Post Office hotel in late 2020.

The deal brings the total number of New England pubs sold by HTL Property to 14; with a total capitalization of approx $70m for the New England Region over the past 18 months.

“From an agency perspective, our firm has been rewarded with a market share in excess of 90% of all pub sales in the New England region over the past 18 months” advised HTL Property’s Plunkett.

“I personally enjoy strong family ties to the New England, and it is for this reason particularly pleasing to see the long-term publicans in the Region achieve such amazing results” Plunkett added.

“We look forward to rolling the momentum from these sales into further successes for our future vendors” concluded Plunkett.

END.