Sale of distressed pubs imminent

The unrelated sales of two pubs in financial difficulty, one in South Australia and another in Queensland, are both close to being finalised.

The Mermaid Beach Tavern on the Gold Coast was formerly owned by Glenreel, but was recently listed for sale under instruction from receivers.

The pub includes 30 gaming machines and two detached bottleshops. It has reportedly sold to a high profile Queensland hotelier for an amount of $6-7 million.

Selling agent, Paul Fraser of Jones Lang LaSalle Hotels declined to comment.

Meanwhile, in Adelaide, the sale of the Crown & Sceptre Hotel by liquidator Macks Advisory is believed to be nearing completion.

The Crown & Sceptre went into voluntary liquidation in July, leaving staff and liquor suppliers among its creditors.

It has reportedly sold to Tropeano Hospitality Group.

Source: The Shout, 17 September 2012