Acacia Ridge Hotel up for sale with expectation of $35m
The Acacia Ridge Hotel in Brisbane has been put on the market for around $35 million.
Acacia Ridge Hotel Project acquired the hotel in Brisbane's southern suburbs for $26.5 million in 2017 from Sydney publican Peter Calligeros and his business partner Stephen Farley. But ownership structure has changed in the interim with The Balmoral Hospitality Group, led by Joel Fisher and Andrew Denmeade, behind the sale.
The large-format hotel, which recently underwent a $2.5 million refurbishment, includes 45 gaming machines, a bottle shop, multiple bars, conferencing facilities and 43 hotel rooms.
The Acacia Ridge Hotel consistently ranked at the top end of Queensland’s Top 10 Gaming Hotels lists, according to Selling agents Glenn Price, Andrew Jolliffe and Dan Dragicevich from HTL Property.
“The Acacia Ridge Hotel is an incredibly rare opportunity in a tightly held sector of the market," said Dragicevich.
"Astute investors have an opportunity to purchase a substantial commercial property, and a reliable cash-flow business with strong fundamentals and clear value-accretive opportunities in key departments.”
Sheridan Randall, 10th October 2019
