Paradise Hotel put up for sale by Greg Maitland’s GM Hotels
Pub group GM Hotels is continuing its sell-off in SA, with a landmark Adelaide north-eastern suburbs establishment expected to attract interest from local and interstate groups.
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Publican Greg Maitland’s GM Hotels is continuing its pub sell-off, seeking buyers for the Paradise Hotel in Adelaide’s north-east.
Interest from major hotel groups on the east coast is expected for the venue, which underwent a $3m renovation in 2017, with two new in-house theatres, the removal of its bottle shop and a new dining area designed to make the pub more family-friendly.
With the freehold interest in the property also on offer, the expansive 8500sq m site is being pitched as an opportunity for further development of excess land.
JLL’s Will Connolly, who selling the property alongside colleagues Ben McDonald and Ben Parkinson, described the hotel as a “robust gaming and hospitality complex with a highly strategic, suburban Adelaide location”.
“We’ve witnessed a remarkable surge of interstate capital entering the South Australian pub market in recent years, with many of our nation’s more prolific hotel groups strategically targeting assets of significant operational scale, recognising both the favourable regulatory environment and value proposition on offer,” he said.
“The Paradise Hotel not only offers strong current trading performance but also presents multiple avenues for future earnings growth with the addition of further gaming machines along with the genuine development upside as key features of the opportunity.
“This strongly re-affirms the expectation that the hotel will be fiercely contested by both local and interstate interest.”
The hotel features public bar areas with TAB facilities, bistro, gaming lounge with 33 pokies, function spaces and an outdoor dining area.
GM Hotels, which owns the White Horse Inn at Bolivar and The Pier hotel at Glenelg, sold The Republic Hotel in Norwood to hotelier Matthew Kelly in 2013.
That followed the $160m sell-off of 11 SA pubs by Mr Maitland and investment partner Fortitude Investment Partners, including the Emu Hotel in Morphett Vale which sold for $32m to ALH Group and Charter Hall – a record price for a South Australian pub.
The 8500sq m Paradise site includes 2500sq m of separately titled, unused land, which the selling agents say could lead to future expansion or the development for alternative uses such as an aged care facility, childcare centre, housing or student accommodation.
Expressions of interest in the Paradise Hotel close at 4pm on August 13.
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