HTL Property Agents Xavier Plunkett, Blake Edwards and Andrew Jolliffe are delighted to offer the market the Freehold Going Concern Interest in the Royal Hotel, Armidale.
The striking Art Deco Hotel includes a public bar, sports bar and TAB, gaming room with 16 band 2 Poker Machine Entitlements, commercial kitchen, large bistro with seating for over 100 patrons, 18 Accommodation rooms, 3-bedroom Manager’s flat, freestanding bottle shop, all operating on a highly desirable late-trading 3am licence.
The impressive building is a brick constructed 2 storey Hotel which occupies a large 1,836sqm* site, and with 30 on-grade carparks strategically located in the commercial core of Armidale.
The Vendor is the privately owned DB Pubs Pty Ltd, which acquired the hotel in 2020. The current owners have acquired 6 more gaming entitlements during their tenure, and had plans for a significant capital works program for the hotel with a major upgrade of the gaming offering. However, the group has decided to divest the asset and to re-focus on core assets closer to the diversified group’s hospitality operating headquarters in the Hunter Valley.
“The well-rounded business is producing circa $70,0000 in weekly revenues spread across all departments. There exists significant scope for further revenue improvement, with a more hands-on management approach” offered HTL Property’s Xavier Plunkett.
Armidale LGA has a population of circa 30,0000 people, and is a very a strong agricultural economy; which enjoys the benefit of the enormous education base, both multiple state and exclusive schools, plus the highly regarded University of New England as well as the Armidale Base Hospital.
“There also exists a potential amalgamation opportunity within the city by combining the Royal and The Wicklow Hotels, both of which are being sold by HTL Property” added Plunkett – who is publicly marketing both Hotels.
“Strong underlying revenue performance, diversified income and realisable upside are critical to favourable sales outcomes in the current market, and the Royal distinctly presents all of these attributes” advised HTL Property Director, Blake Edwards.
“The New England is currently one of the most desirable regional markets for hoteliers. Accordingly, HTL has transacted over 25 hospitality assets within the region in the past 3 years, and look forward to rolling that momentum into a successful divestment outcome for our valued clients at the Royal Hotel” concluded Edwards.
To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.
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