The Ramia family has sent their Sphinx to market, after more than half a century operating the destination generational Hotel & Entertainment Centre in Geelong.
The large-format operation has been in the family for 55 years, evolving to meet its varied opportunities.
When previously known as the Golf View the pub hosted renowned acts such as Johnny O’Keeffe, Cold Chisel and the Angels, before switching gears to become a disco.
In the late 90s the Ramias conducted research that found five million people drove through Geelong each year without stopping. Tapping into the opportunity they decided to build a landmark feature, opting for a Sphinx, in sympathy with their Egyptian heritage.
The 14-metre-high Sphinx is supported by an Egyptian motif throughout, replete with statues, hieroglyphics and a gold pharaoh’s tomb.
Set on a massive 15k sqm plot, the licence specifies capacity of 1,010 patrons. It provides multiple bars, TAB, and a gaming room with 67 EGMs, a 200-seat bistro, function rooms and a beer garden. There are 16 well-appointed accommodation rooms in assorted configurations, a dual-lane Thirsty Camel drive-through bottleshop and approximately 250 on-site car spaces.
Luxor Showroom, catering for events of more than 400 guests, leads a sizeable events and entertainment operation.
The hotel continues to host live bands and events, including the Geelong Elvis Festival, each November.
Approval has been secured to build a further 24 rooms on the site, plus the sale also offers an adjoining land parcel in excess of 5,600sqm.
Marketing literature cites approximately $16.82 million in revenue for FY26, with 22.7 per cent EBITDA, derived across bar, food, retail liquor, accommodation, functions and what is one of the highest-performing gaming departments in the greater City of Geelong.
Adjoining the site is the Geelong Saleyards Urban Renewal Precinct, which is a major residential-led redevelopment expected to bring up to 660 residences and more than a thousand new residents to the catchment
The asset is being offered by the Ramias as either a freehold going concern or leasehold-only.
The family tested the market a couple of years ago at what was a subdued time for the industry but now feel the heightened level of activity by buyers is better suited to an outcome.
They are understood to be looking at a sale price of circa $40 million for the freehold and business, combining a substantial real estate holding with one of Geelong’s most diversified hotel businesses – with “significant scope” for an incoming operator for further improvement.
“The Sphinx represents an exceptionally rare opportunity to acquire or lease a large-format hotel business of genuine scale in one of Victoria’s most important regional markets,” says HTL Property’s George Iliopulos, marketing the asset in conjunction with colleague Scott Callow.
Atop the scarcity of freeholds in Victoria generally agents note hotels of this scale are seldom brought to market, and rarer still is the flexibility being afforded for a buyer.
The sale campaign is via Expression of Interest, closing Thursday, 29 October.
“The ability to acquire the freehold going concern or alternatively pursue the leasehold interest provides flexibility for different capital profiles, while the breadth of the existing business creates multiple avenues through which further earnings growth can be targeted,” adds Callow.
