Brisbane pub The Elephant Hotel sold for $20m

Brisbane pub The Elephant Hotel sold for $20m

Iconic Brisbane pub The Elephant Hotel has been acquired by a Sydney-based hospitality operator for $20 million.

Independent pub group Tilley and Wills Hotels will add The Elephant to its portfolio of Sydney-based assets including the Verandah Bar, the Clovelley Hotel and the Greenwood Hotel.

CBRE's Paul Fraser says the sale of The Elephant Hotel, located in Brisbane's nightlife precinct Fortitude Valley, is further proof that interstate and international pub operators are interested in the potential of Queensland's venues.

"Such is the profile of the pub, there were 60 enquiries and eight offers," says Fraser.

"It highlights the appetite for large format freehold hotels with a diverse income stream and obvious operations upside."

Since 2013 more than 70 per cent of all Brisbane-based venues sold for over $10 million have been acquired by interstate or foreign-based hoteliers according to JLL Hotels & Hospitality.

The Elephant Hotel is a multi-level building with four separate bars, a large outdoor beer garden, and a gaming room with 42 pokie machines.

The sale of the pub means John Singleton's Australian Pub Fund no longer holds any Queensland assets.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Owner of Houston’s Farm, Sunfresh and Gourmet Selections enters administration

Owner of Houston’s Farm, Sunfresh and Gourmet Selections enters administration

A national vertically integrated farming and ready-made salad manuf...

Body Fit Training sets sights on Scandinavia with master franchise agreement

Body Fit Training sets sights on Scandinavia with master franchise agreement

After opening up 42 new studios globally in 2024 to date, Melbourne...

AI is not a magic wand – it has built-in problems that are difficult to fix and can be dangerous

AI is not a magic wand – it has built-in problems that are difficult to fix and can be dangerous

By now, all of us have heard and read a lot about artificial intell...

Former AFL boss Gillon McLachlan to lead Tabcorp as new CEO

Former AFL boss Gillon McLachlan to lead Tabcorp as new CEO

After speculation was quashed that he would be joining Racing Victo...