Redcape Hotel Group has bought the Maeva Hospitality Hotel Group on the Sunshine Coast

A Sydney hotel group has spent more than $220m buying 10 SEQ pubs including its latest $80m acquisition of an award-winning Sunshine Coast portfolio.

Inside the $32m new Bli Bli Hotel which opened last year.

Acquisition-hungry Redcape Hotel Group $220m raid on south east Queensland pubs has added another four to its portfolio with the latest being a Sunshine Coast group.

Sydney-based Redcape has bought the Maeva Hospitality Hotel Group, owned and operated by Scott Armstrong and Richard Deery in a deal struck by HTL Property’s Glenn Price, Andrew Jolliffe and Daniel Dragicevich,

They refused to disclose details of the deal but sources say it was around $80m.

Maeva Group operated four large format hotel assets and nine Bottle Shops all across the coveted and fast expanding Sunshine Coast region.

The portfolio acquired by Redcape includes Bli Bli Hotel, Baringa Tavern, Parklands Tavern and Brightwater Hotel.

All four assets were developed as greenfield sites by Maeva, and the combined assets offer a weighted averahe expiry in excess of 45 years and enjoy a combined annual turnover north of $63m.

Mr Armstrong said their portfolio had some of the most recognised pubs on the Sunshine Coast and they would like to think arguably the best presented.

“We are grateful to have received multiple accolades over the years for each of our venues, and Richard and I hope to have left a legacy for the local communities with the venues we have collectively created; and which we feel confident Redcape will continue to grow into the future,” he said.

The Bli Bli Hotel on the Sunshine Coast

Following the wrapping up of the latest transaction Redcape has spent about $220m for 10 pubs including the Commercial Hotel (Redbank Plains), The Flagstone Tavern (Flagstone), The Lucky Tree Tavern (Durack) and The Willow Hotel (Moorooka).

Redcape managing director Chris Unger said the Maeva portfolio will complement and fit nicely into its existing portfolio of high performing pubs.

“On the back of continued strong trading and execution of our acquisition strategies, Redcape has once again upgraded our distribution to investors and this transaction will strengthen that further,” he said.

“We are excited to welcome these outstanding venues and teams into our fold.”

Mr Price said last year Redcape set out on a deliberate path to scale up their stronghold of pubs in southeast Queensland.

“The Maeva Hospitality Group pub portfolio, astutely developed and curated by industry stalwarts Scott and Richard, is at least on par with any collection of hotel venues across the country,” he said.

“Each asset exhibits not only the intrinsic fundamentals vital to a sustainably successful

operation, but are also individually and strategically located within major residential growth precincts, adjacent retail centres and with almost exclusive catchments enabling them to enjoy success well into the future.”