Leading agents Nic Simarro, Glenn Price, Brent McCarthy and Andrew Jackson from national specialist brokerage firm HTL Property have negotiated the sale of Brisbane’s luxury Gambaro Hotel to the Australian Rugby League Commission.
The 68 room Caxton St hotel has been acquired by the NRL’s controlling body following the implementation of a strategy to invest in hard yielding assets; in order to provide a strengthened balance sheet to foster, develop, extend and provide adequate funding so as to underwrite the future of the code.
The deal, exclusively arranged by HTL Property’s Brisbane and Sydney offices, sees the highly regarded Gambaro family provide on-going operation of the property and businesses on an exclusive basis with the ARLC.
“We are delighted with the sale of our hotel after operating on Caxton St for over 60 years, and as a family we are equally as excited about the prospect of working with the ARLC in order to continue and grow the operation” advised Vendor John Gambaro.
Extensively refurbished and re-opened in 2014, the hugely popular luxury hotel, bar and dual restaurant operation (Gambaro Seafood Restaurant) is an iconic feature on Caxton St; and as such enjoys year round trade as well as being the preferred place to stay during major events at the nearby Suncorp Stadium.
“Brisbane is enjoying wide scale investor focus given the many infrastructure projects underway, and the materiality of the both the Olympics and Women’s World Cup Football events (as well as the regularity of new NRL franchise the Dolphins home games) to be hosted here in the not too distant future underpins downstream revenue” commented HTL Property Director, Glenn Price.
“The ARLC were very focused upon acquiring an asset which could in and of itself independently trade profitably over a sustained period, but importantly also one which could enjoy the benefits of new revenue creation following the activation of many levers the ARLC has at its disposal” added HTL Property Director, Nic Simarro.
HTL Property would not disclose the purchase price paid by the ARLC, other than to confirm price point consistency with significant assets promoting similar earnings profiles and prime commercial property holdings.
Article source: www.thehotelconversation.com.au
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