Australian Venue Co has doubled down on its investment in town with a partnership acquisition of the windswept and interesting Airlie Beach Hotel, in association with restorative owner-operator Mick McFie.
Occupying a generous lot just metres from the destination Whitsundays tourist beach, the Hotel was built in 1968 and offers a public bar, restaurant, conference facility, commercial car park, gaming room with 35 EGMs, and 80 accommodation rooms.
The O’Neill family bought the property in 1982 and operated it for more than four decades, until Cyclone Debbie came to the coastal town in March 2017, causing major structural damage to the pub and surrounds. Rectification was hampered by compliance issues, requiring solutions to meet current standards, bringing the insurance bill to around $14 million.
Late 2018 it finally resumed trading, although some works continued, and news emerged the leasehold had been taken up by the newly-formed ABH Operations P/L, being part of Raging Bull Holdings, owned by Mick and Bonnie McFie. The pair already held the nearby Reef Gateway Hotel.
The leasehold agreement included first option to buy the freehold, which Raging Bull subsequently did the following year, reputedly paying a combined $22 million for the lease and title.
McFie at the time suggested the future of Airlie Beach was looking good – particularly if they could get “groups to invest in the town”.
Raging Bull later sold the operation of the Reef Gateway to AVC, and saw the national group as ideal for a partnership agreement on the ABH, where the existing team will continue to operate the venue alongside AVC.
Mick and Bonnie are confident in what the deal means for the community.
“This partnership reflects the changing perception of Airlie Beach from a small tourist town to a thriving regional location,” says Mick.
“We thank the Airlie community and our customers from around Australia and the globe for helping make Airlie Beach Hotel one of the best pubs in Australia.”
Buoyed by their experiences in the Queensland community, further expanding the group’s footprint both in town and the Sunshine State, AVC CEO Paul Waterson echoes it’s a good fit for all involved.
“The minute you walk into Airlie Beach Hotel you can tell that it’s a really special pub,” he says.
“The team have done an outstanding job creating a venue that is engrained within the local community but also has strong tourism appeal.
“We look forward to working with the existing team, who will stay on and continue to operate the pub and hotel.”
