Redcape Hotel Group has scooped up the largest New South Wales hotel portfolio south of Sydney in its latest string of hotel acquisitions as it moves towards listing on the Australian Securities Exchange.
The latest three-hotel portfolio swoop comes as Redcape, owned by Moelis Australia, ramps up its pubs portfolio which is expected to come to market worth around $1 billion.
Snatched up in an off-market deal, the three hotels are situated in Unanderra, Figtree and Shellharbour and were sold by private consortium Denfish Hotels who had acquired the portfolio over a 10-year-span.
The in-one-line sale was brokered by HTL Property’s Asia Pacific director Andrew Jolliffe.
Jolliffe said that combining the three hotels with Redcape’s current south coast offering, The Lakeview Tavern, would give Redcape the geographic benefit of scale.
“Synthesising hospitality-based properties is a highly sought after strategic and commercial objective,” Jolliffe said.
“Redcape have assessed this portfolio over a long period of time, however it hasn’t been until now that a deal structure could be agreed that was both effective and efficient for both parties.”
The agents declined to confirm the trio-pub deal, estimated to be worth around $50 million, which further backs Redcape as it aims to float with its billion dollar portfolio.
Stockbroker Ord Minnett was appointed earlier this year to support the plans for a run on the ASX-boards in December.
Redcape owns 32 hotels in NSW and Queensland.