The acquisitive Australian Venue Company is extending its working relationship with the O’Brien family, taking on the lease at the Prince Alfred Hotel in Richmond’s bustling Church Street.
Australian Venue Company (AVC) – formerly Dixon Hospitality – is on a path to build a billion-dollar portfolio with view to a float of the portfolio, backed by finance industry heavyweights KKR following that company’s majority purchase of the group mid-2017.
Even prior to KKR’s inclusion, the then Dixon group has been following a rapid growth trajectory largely courtesy of wholesale acquisitions of other groups, such as the Open Door Pub Group, Drink n Dine, Beer Deluxe and the Publican Group.
Along the way it has come to own the leasehold interests of Melbourne’s Imperial Hotel, on Bourke St, and Brisbane’s Buffalo Bar, both freeholds owned by hotel industry long-timers, the O’Brien family.
The O’Briens have been increasingly focused on their stadium business and emerging property portfolio, and pub operations have become non-core to their business.
The Prince Alfred was being closed more than 100 days per year, and over the past couple of years as Richmond continues to grow and gentrify and more competitors enter the precinct, sales at the Hotel have declined.
New CEO for AVC, Paul Waterson, reports the group will begin operation at the Prince on 6 March, and says the pub is well suited to their model focusing on local engagement and f&b.
“We see great opportunities by opening the pub all week and each public holiday, as well as having a primary focus on a relaxed beer garden environment whilst maintaining its iconic food status,” Waterson told PubTIC.
“We have a strong history of working with O’Brien Group Australia. Given they are hospitality operators, they are great landlords!”
