Former Wallaby-turned-pub baron Bill Young has struck the biggest regional pub sale so far this year by snapping up a major hotel in the NSW Riverina region for AUD$50 million, adding the seventh venue to his family’s hospitality empire.
The Gem Hotel, in the regional city of Griffith, is in the top five NSW gaming venues with 29 poker machine entitlements, award-winning restaurant Bull & Bell Steakhouse and 65 four-star hotel rooms.
Its annual revenue is above AUD$13 million and the pub is one of the most profitable regional hospitality businesses ever brought to market.
It comes after Bathurst’s Panorama Hotel Motel sold for AUD$25 million at the start of this month, which was at the time one of the strongest regional hotel price transactions this year.
It’s the first foray for Young – who played 46 times for the Wallabies and more than 100 games for the Canberra-based Brumbies – into the regional pub market.
Young says they are delighted with the acquisition of The Gem, and look forward to further enhancing the already outstanding reputation the hotel and the proud Riverina district it is known for.
Young Hotel’s six other pubs in Sydney include the Bar Broadway in Chippendale – bought three years ago for $37 million – the Illinois Hotel in Five Dock, the Five Dock Hotel, the Royal Hotel Top Ryde, the Concord Hotel in Concord West and the Mortlake Hotel. The Young family also owns the Wisemans Ferry Inn on the Hawkesbury River.
He also owns Baroola Cattle Station, near the NSW town of Cowra, that breeds Angus and cross steers.
Source: Finance Review
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