The Gem Hotel, Griffith: Top regional pub for sale for more than $50m
It’s been described as the “jewel of the Riverina”, but now the Gem Hotel – one of the top pubs in the region – is for sale with an expected asking price of more than $50m.
NSW
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One of the most popular and lucrative pubs in regional NSW has put up the “For Sale” sign.
The Gem Hotel in Griffith, at the heart of the Riverina in the state’s southwest, is on the market with hopes of attracting offers of well over $50m.
Located in the CBD on Banna Ave, the landmark renovated pub, along with its 4-star 65-room accommodation, is owned by regional NSW pub tsar Jim Knox.
Described as the “jewel of the Riverina’ in hotel industry publications, the Gem has become a popular hotel option for tourists and business people visiting the busy wine and agriculture region.
It also has a large conference centre.
Mr Knox, who also owns pubs in other regional NSW centres including Port Macquarie, Armidale and Grafton, sold another Griffith property, The Area Hotel, for a reported $30m in 2024.
The Gem, named the 2022 Regional Hotel of the Year at the NSW AHA’s Awards for Excellence, can also boast to buyers that it has 29 poker machine entitlements as well as an extended 3am closing time.
The marketing material for the pub’s sale, via expressions of interest, points out that it has “annualised revenues exceeding $13m”.
Built in the 1980s, it completed a four year renovation program in 2021.
Selling agent HTL Property said it expected a lot of interest, especially with Griffith having a ratio of one-pub- per-7000-residents.
HTL managing director, Andrew Jolliffe, reckoned recent hotel sales such as the Robin Hood in Orange for $47.4m, the Windsor Castle, Maitland ($50.5m) and the Port Macquarie Hotel, ($53m) would set the benchmark for the sale price for the Gem.
“The (Griffith) economy is defined by full employment, high household incomes, significant government and private infrastructure investment, and a large itinerant workforce, all highly attractive drivers for the most astute hospitality operator,” Mr Jolliffe said.
Mr Knox told the Australian Financial Review this week that he had loved his time operating The Gem, but wanted to consolidate his business interests back to the Northern Tablelands, where he lives.
He said the returns to be made from country pubs should not be overlooked.
“We also tend to find loyal staff that stick to our business and this offers an elevated customer experience.
“Strong customer demand with limited competition has been the reason that I continue to focus on regional areas.”
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Originally published as The Gem Hotel, Griffith: Top regional pub for sale for more than $50m
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