Fresh to market come the big Banana Hotel Motel and Accommodation Village, dominating the Central Queensland mining precinct.
The uniquely named Shire of Banana is in Queensland’s Capricorn region, around 200 kilometres south of Rockhampton or 600 north-west of Brisbane, with population (2016 Census) of over 14,000. The resource-rich area is known for agriculture, beef production, power generation and particularly a $1.6bn mining industry, which is the largest employer in the region.
Banana Hotel-Motel is on main road Bowen Street, on a large 21,500sqm (2.15ha) site, comprising the single-story hotel and three detached accommodation buildings. It provides a public bar, dining room, Brew N Bake cafe, restaurant, drive-through bottleshop, and 20 motel rooms.
Its sister business is the Banana Accommodation Village, constructed in 2012 on a 239,500sqm (23.95ha) site and one of only two accommodation services in town. It features 132 accommodation rooms in buildings containing four en-suited rooms, a kitchen and dining area, bar, two recreational decks, and guest amenities including a gym, laundry and parking.
The Village specialises in providing workforce accommodation and catering services, particularly for the mining and civil construction centre.
An incoming operator could see upside in installing gaming at the Hotel, which currently has none, or injecting capital toward the excess land, such as expansion of the accommodation across both assets, which reportedly work “hand-in-hand”.
The Village boasts significant infrastructure that might suit larger groups or corporate partners, and the freeholder has long toyed with ideas for alternate uses for the additional land.
A private family acquired the Village in 2014, followed by the Hotel-Motel in 2017, and have enjoyed considerable success as owner-operators.
Market indicators suggest up to around $10 million for both assets, which are being sold separately or in one line.
Leon Alaban and Christian Tsalikis of Savills Hotels have been appointed to broker the Bananas, both of which they say present very well and boast consistent revenues.
“A key feature of the Banana Hotel Motel’s layout is of its functionality and design, which allows for one employee to work the whole premise,” notes Tsalikis.
The Banana Hotel Motel and Accommodation Village are being sold via Expressions of Interest.
