Hunter Valley Tourism Belt Hotel Sold
HTL Property is pleased to announce another regional centre sale in the form of the Criterion Hotel in the NSW town of Singleton, and which was sold following an on-market Expression of Interest campaign.
The offering, a freehold going concern hotel in the prosperous Hunter Valley region enjoys excellent mining, military and infrastructure employment generators. The hotel operation itself features a bar, bistro, large outdoor beer garden, separate building for events and a gaming room with 14 EGMs.
HTL Property Director Blake Edwards and Sales Executive Xavier Plunkett acted exclusively on behalf of Geelong based publican Zac O'Sullivan, who divested his interests in the hotel after purchasing the asset in 2015.
"We have seen a sharp increase in activity since the recommencement of trade, and have been genuinely buoyed by the substantive nature of buyers currently active in the marketplace" stated HTL Property Director, Blake Edwards.
"The pub industry remains particularly buoyant with well capitalised buyers looking to transact, however low levels of available stock have stymied comparative year on year sales volumes to this point” added Edwards.
“However, we hold the considered view that this stock volume imbalance will correct by year end” concluded Edwards.
The sale of the Criterion hotel follows a raft of recent regional hotel sales by HTL Property, including Joe McGuires in Tamworth, and the Post Office Hotel in Moree.
"Regional NSW is now firmly in the focus of traditionally Metropolitan and even interstate buyers, and the sale of the Criterion Hotel recognizes our 10th regional centre sale over the past few months; albeit we anticipate this number potentially doubling by the end of the 2020 calendar year given our visible pipeline of assets" advised HTL Property Sales Executive, Xavier Plunkett.
HTL Property, 3rd August 2020
