Gambaro family put Caxton St hotel and restaurant on market to focus on expanding empire

The first family of Brisbane’s restaurant scene is selling up and and looking to focus on new ventures.

THE first family of Brisbane’s restaurant scene is selling their hotel including their iconic seafood restaurant to focus on the rollout of their expanding hospitality empire.

The Gambaro family has put its boutique five-star hotel, seafood restaurant and conference facilities at 33 Caxton St on the market.

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Donny Gambaro said they were selling the award-winning hotel and restaurant – both which carry the family name – to focus on their other business.

“In the last couple of years our restaurant business has expanded and we’re looking at further expansion,” he said.

“In that time we’ve opened another Black Hide Steakhouse restaurant, Persone, our new Italian restaurant in the Brisbane Quarter and there are a couple more coming along.

John Gambaro at his new Persone restaurant, with restaurant manager Irene Saccotelli. Picture: Adam Head

“We just thought it’s time for us to concentrate on where we are moving forward. I don’t think we will be building another hotel any time soon. The restaurants are doing a great job.”

CBRE Hotels’ Wayne Bunz and Hayley Manvell, who are marketing the property and operation, declined to comment on a likely sale figure but sources say it will sell for between $30 million and $35 million.

The Gambaro name has been synonymous with the food and beverage trade in Brisbane since the 1950s when they opened a fish and chip shop on Caxton St.

The Gambaro Seafood Restaurant on the ground floor of the hotel has been on the site since 1972. However, they still retain a presence in Caxton St in Petrie Terrace with their Black Hide Steakhouse across the road.

Donny Gambaro at the Gambaro Hotel, which is now on the market.

The Gambaro Hotel was built in 2014 and was the family’s first foray into accommodation.

Designed by Hirsch Bedner, it features 68 boutique guest rooms and suites, 24-hour reception, guest parking, and an outdoor sunset terrace overlooking Suncorp Stadium and the precinct.

It is currently operated by TFE Hotels under the TFE Hotels Collection banner and will be sold vacant possession.

Mr Bunz said the sale campaign was expected to attract local and international interest.

“The smart money is actively seeking opportunities in this market, where hotels are being acquired below replacement value,” he said.

“In 2018, Queensland — and more specifically Brisbane — was the most active hotel investment market in Australia, as investors made counter cyclical purchases to capitalise on improving fundamentals.”

The expressions of interest campaign closes on October 10.