ARL buys Gambaro Hotel in Brisbane

[DIEHARD]

NRL-themed hotel on the way as deals hit $2b
https://www.brisbanetimes.com.au/bus...04-p5ayxu.html

Private developer Iris Capital and the governing body of the National Rugby League have splashed out on two major hotel and pub assets that will push total national sales in the sector close to the $2 billion mark in what has been a busy buying spree.

There have been 54 pub and hotel sales across NSW in the six months to June 30, worth $1.1 billion and adding in interstate deals, it will push the sales ahead of the record levels seen during the pandemic-hit last two years.

The Gambaro Hotel is located 1.5km from the Brisbane CBD, in the heart of the city’s sporting and entertainment precinct

HTL Property, which has completed about 70 per cent of the NSW deals since January, worth around $700 million, said investors and owner operators were vying for assets that offer higher-yielding returns with development potential and growth in land values.

HTL’s managing director of the Asia-Pacific region, Andrew Jolliffe, said there was a resilience in the “hospitality indexed property market”.

In Brisbane, the Australian Rugby League Commission, which runs the NRL, has weighed into the hotel property sector with the purchase of the Gambaro Hotel on Caxton Street for a reported $30 million.

It is the first of what the NRL chairman Peter V’landys and chief executive Andrew Abdo have said recently are investment deals aimed at shoring up the future of the code.

“The ARLC has invested in the Gambaro’s hotel and restaurant as it is focused on strengthening its balance sheet with stable, secure investments that provide steady income and long-term capital growth,” its says in a media statement.

Under the deal, the popular hotel, which is just 300 metres from Suncorp Stadium on Caxton Street, has 68 rooms which the ARLC plans to re-theme into suites named after former Queensland rugby league players, such as Wally Lewis and Allan Langer.

Its award-winning seafood restaurant and popular bar will continue to be run by the Gambaro family under a deal with the rugby commission.

[Titanic]

This makes very good economic sense on several fronts. Anyone who knows that area will testify the value of this investment purely on land alone. The rest of it is just good business. The cynics will say that it shows what a great day at the footy brings as the deal was probably pitched during Magic Weekend. Can't argue with that either ... lol.

Hard to imagine how many after midnights spent killing myself with rubbish at ole Greasy Joe's Windmill on Petrie Terrace back in the day.

[DIEHARD]

Glad you agree. Wish we had been doing this for years. Perhaps a Sydney investment is in the pipeline.

[Titanic]

Glad you agree. Wish we had been doing this for years. Perhaps a Sydney investment is in the pipeline.

Yes DH, a long time coming. Somebody in the media mentioned this represented only 15% of the NRL slush fund so hopefully we can expect more of the same.