The reshuffle at ALH continues, with purchase of the only pub in coastal Rainbow Beach – the Rainbow Beach Hotel.
Rainbow Beach is a growing coastal community around 100 kilometres north of Noosa, and known as the southern gateway to the world heritage-listed Fraser Island, just a 10-minute barge away. It also acts as a major entry point to the 41k hectare Cooloola National Park.
The pub opened in the late 70s, and renowned by locals and tourists has become one of Rainbow Beach‘s central attractions. In 2007 it formed part of a massive development in the town to prepare for its future, given its trajectory of growth and increasing popularity as a destination.
It is a classic ‘Queenslander’ building modelled after a traditional country pub, with wide timber verandas, double hung windows, plantation style fans and French doors, encasing a main bar, TAB and Keno, bistro, function room and gaming area with 10 machines. There is also a beer garden and two detached bottleshops.
Endeavour’s (ASX:EDG) pub division Australian Leisure & Hospitality (ALH) has now purchased the freehold going concern from Platinum Group P/L, which still owns The Monty (Montague) Hotel in Brisbane’s West End, and the Queen’s Arms Hotel in Roma.
ALH has been actively buying and divesting under its new ownership structure, acquiring the Horse & Jockey in January and finalising on Darwin’s The Beach this month, while walking away from an expired lease at Brisbane’s The Vic.
In recent years the pub group has also grown its accommodation division, Nightcap, and it’s said the Rainbow Beach Hotel has potential through activation of the upper floor to provide up to 15 short-term accommodation units.
The sale campaign was through Savills Hotels’ Leon Alaban and Tony Bargwanna, who would not comment on price paid or confirm the buyer but were clear on the attraction of the asset.
“The high demand for coastal pubs continues,” says Alaban. “Away from the hustle and bustle of city life, Rainbow Beach offers visitors the ideal location to relax and unwind.
“Like many regional beach townships, Rainbow Beach’s appeal is its lack of glitz, laid back hospitality and pristine beaches.”
