Colonial Leisure Group (CLG) has jumped into another State, bringing Brisbane’s big-trading Fox Hotel into its premium portfolio.
Continuing the expansion plans that saw it quietly acquire Keystone’s Newtown Hotel in February, CLG has bought its first Queensland pub – the long-term leasehold of the sprawling Fox, in the South Bank foodie precinct, Fish Lane, across from the Brisbane Convention Centre.
The four-storey Hotel boasts a legendary rooftop bar overlooking the CBD, eight function spaces, gaming room with 10 EGMs, and a successful bistro CLG says it will develop further to “bring in line” with its other venues, in Victoria, Western Australia, and now NSW.
Following its expansion into two new States this year, CLG told PubTIC it has no immediate plans for further acquisitions.
“Not at this stage, we really have our hands full with the iconic Fox Hotel,” said national general manager, Lawrence Dowd.
“The purchase of The Fox Hotel is certainly one of the biggest pub acquisitions we’ve done, and we are very excited to be entering the Brisbane market.
“[It] is one of the top trading pubs in Brisbane and it will fit nicely into our diverse portfolio”.
The off-market sale of the 30-year lease, now into just its third year, was conducted by JLL Hotels’ Queensland-based associate, Tom Gleeson, and national director – investment sales, John Musca.
“The growth within both the venue and surrounding area has been exceptional, and combining South Brisbane’s enormous infrastructure and development work with CLG’s operational nous, all the ingredients exist to take the Fox Hotel to the next level,” reported Gleeson.