St Kilda gaming hotel sold

JLL Hotels & Hospitality Group is delighted to announce the off-market leasehold interest sale of the Grosvenor Hotel, St Kilda East as Melbourne’s first gaming hotel transaction of 2021.

Prominently positioned on the corner of Brighton Road and Grosvenor Street, the hotel features a large public bar/sports bar with outdoor alfresco area, gaming facilities holding 22 EGMs, newly constructed outdoor smoking room, large dining room with additional private function space, first floor function room as well as a drive-through bottle shop and gourmet grocer.

The transaction represents a strategic acquisition by one of Melbourne’s most rapidly expanding hospitality groups and is now poised to be re-established as one of the area’s premier gaming hospitality venues. With the business sold on behalf of long-time owners, the Catalfamo Family.

Selling agent Will Connolly, Vice President, JLL Hotels & Hospitality stating “It was a genuine pleasure to facilitate a transaction between two parties that not only had a mutual respect for each other, but most importantly a mutual respect for the property. The Grosvenor Hotel provides any operator a huge variety of income streams, whether this be their already fantastic food reputation or it’s consistent gaming income. The successful purchaser quickly identified when introduced to the opportunity.”

Mr Connolly also giving his view on the 2021 pub market “Our national team have been inundated with demand for pub assets, irrespective of the challenges the COVID-19 lockdown brought with it, particularly in Victoria. We see 2021 being a market in which some owners may to transact quietly, so we’ve set a particular focus in connecting buyers and sellers together discreetly in a transaction, with the sale of The Grosvenor being an example of this. 2021 will certainly be a year of activity in our market, however some deals will need to be grown organically.”

JLL Hotels & Hospitality Group, 1^st February 2021