Publican developer Bruce Donnachy has sold his bustling Arundel Tavern to Paul Xu’s Sun Hotels.
Donnachy built the pub in 2000, on a large site in semi-rural West Arundel, around 10 kilometres north-west of Surfers Paradise.
The Tavern provides a spacious public bar and TAB, bistro, gaming room with 45 EGMs ranked Top10 in south-east Queensland, outdoor area, and three satellite bottleshops attached to the licence.
Donnachy also built the Parkwood Tavern in 1994, which he sold to ALH in 2002 for $20 million.
He still holds a tavern at Narangba.
In 2021 Donnarchy submitted application to develop a 21-storey residential tower on a waterfront site at Main Beach, looking at final value of around $160 million.
Sun Hotel Group is understood to have ‘come knocking’ with an offer of $27 million for the Arundel Tavern, which was not on the market.
Sources say the initial offer was knocked back, but a deal was done off-market for circa $29 million.
Xu’s Group began with purchase of the Helensvale Tavern, also on the Gold Coast, in 2012, for $7.7 million.
Since that time the portfolio has grown to include the Stafford Tavern in Brisbane’s north, the Laidley Hotel, near Ipswich, and most recently the Frisco Hotel in Woolloomooloo, in 2019.
