Popular watering hole with beach views in multimillion-dollar sale

Australia’s largest hospitality and liquor business has bought an iconic seaside hotel.

RAPID Creek’s Beachfront Hotel has been sold to Endeavour Group, Australia’s leading hospitality and liquor business.

The ASX top 50 company acquired the popular Rapid Creek pub’s leasehold, with the sale expected to be finalised in July.

The sale price has not been disclosed but when it was announced in March the pub was on the market, a property analysis estimated it could sell for as much as $10m.

The announcement comes as the group also flagged a multimillion-dollar upgrade to its existing Territory assets.

Mario Volpe, ALH group managing director which is Endeavour Group’s hotels arm, said the acquisition was a positive addition to its already extensive NT portfolio.

“The Beachfront Hotel is a welcome addition to Endeavour Group’s hotel portfolio and adds to our existing hotel and retail network in the Northern Territory, which consists of more than 220 team members across 20 stores and pubs.

“The Beachfront Hotel is a well-established, strong performing premium venue, popular with families, locals and tourist,” Mr Volpe said.

“It is an iconic pub and an important part of the local community, and we look forward to working with the existing team to build on the pub’s popularity while maintaining the qualities that make it so well-loved today.

“The acquisition adds to our investment in local communities in the Northern Territory and to supporting a vibrant hospitality industry, whether that be via employment opportunities, supporting local artists, or through initiatives such as partnering with local sporting clubs and community groups.

“We are always looking to make our venues and stores even more relevant to locals and to strengthen those local connections. In addition to the acquisition of the Beachfront Hotel, we are also working on exciting plans to invest in our existing hotel assets in Darwin, including the Parap Tavern and the Airport Hotel.

“These plans involve a significant multimillion-dollar investment, which will not only deliver an enhanced experience for patrons, it will mean jobs for locals and a boost to the local economy.”

Previous owner Doug Sallis said he was pleased a long-term leaseholder had been found.

“I’m delighted to have secured Endeavour Group as a long term operator for the Beachfront Hotel,” he said.

“They have a proven track record as a successful operator of hotels, with a commitment to supporting local communities and leading in the responsible service of alcohol and gaming.”

The Beachfront includes a bistro, sports bar, gaming room, bottle shop, live entertainment and an open format beer-garden.

The hotel underwent a complete refurbishment in 2018 and Endeavour Group doesn’t plan to make any major changes in the short term.

The company will convert the existing bottle shop operations into a BWS store, with no plans to alter its size.