Listed pub owner and operator Redcape Hotel Group has extended its post-COVID buying spree, after snapping up O’Donoghues Hotel in Penrith in western Sydney for $31 million amid a flood of new deals in the fast-recovering sector.

Alongside the acquisition of the large-format Irish-themed pub – the group's fourth purchase since November – Redcape said it expected earnings for the six months to December 2020 to be ahead of what it delivered in the prior half-year period despite higher compliance costs due to the pandemic, and declared an interim distribution of 1.83 cents per security.