The Espy changes hands as part of Australian Venue Co mega deal
Australian Venue Co has acquired a majority of Melbourne-based hotel group’s Sand Hill Road venues in a reported $100 million-plus deal.
Eight of Sand Hill Road’s nine Melbourne venues will be incorporated into the Australian Venue Co. portfolio, including flagship establishments Hotel Esplanade (The Espy) and Garden State Hotel. The other venues include Richmond Club, The Posty, Prahran Hotel, Holliava, The Bridge Hotel and Terminus Hotel.
Sand Hill Road will hold onto The Waterside Hotel, which is currently closed for renovations and will re-open in late 2020.
Australian Venue Co CEO Paul Waterson said they had long admired Sand Hill Road’s work restoring rundown pubs.
“We have a long track record of working in partnership with venues steeped in tradition, adding value where we can, while maintaining the local look and feel that customers know and love,” he said.
“We understand that as custodians of these establishments, we have a duty to the local communities that they serve to provide an outstanding customer experience.
“Like us, the Sand Hill Road team have worked closely with local communities as they have operated and refurbished these iconic Melbourne establishments. We look forward to taking on responsibility for maintaining these core values and enhancing their legacy.”
Sand Hill Road co-founder Andy Mullins said the two groups had been on a similar journey over the years.
“We both started out with just one pub in Melbourne, the backing of our mates and the belief in the importance of the local community pub,” he said.
“AVC have a strong track record of operating pubs across the country that maintain their integrity and character, whilst bringing added value through industry relationships, marketing expertise and a strong team to drive growth whilst staying true to core values.”
Sheridan Randall, 5th March 2020
