Growing hospitality group Harvest Hotels has expanded beyond its base, taking the McIntyre family’s Woy Woy Hotel for $32 million.
An old faithful of the Central Coast, ‘Ye Olde Woy Woy Hotel’ was built 1897, and known locally as “the Old Pub”.
Located on a 2,767sqm lot, with views of Brisbane Water, across from Gosford, it provides a large public bar, restaurant, gaming room with 30 EGMs, beer garden and separate drive-through bottleshop.
To date Harvest has focussed on regional hospitality assets, currently holding title at Albury, in Brady’s Railway Hotel, at Dubbo’s Milestone Hotel, purchased in May, and several hotels in Tamworth.
Woy Woy increases the collection to six venues, and takes Harvest outside its regional wheelhouse.
The new pub is also the first acquisition through the group’s second fund, and director and co-founder Fraser Haughton says the coastal venue was an ideal start for the new capital raise.
“We felt it was the perfect addition to our portfolio, and the right pub to kick off Harvest Pub Fund 2.”
The Woy Woy has been owned by the McIntyre family for over 20 years and Haughton offers they have “big shoes to fill” as they look to expand on its solid foundation, starting with some capital works. Its fundamentals are typical of the style of venue the group seeks (as discussed with director Chris Cornforth, in PubTIC’s October edition).
“The Woy Woy Hotel strongly aligns with what we look for when acquiring a pub – it has good bones, a terrific reputation within its’ community, is centrally located, provides a great mix of revenue, and diverse offerings for its patrons.”
The new fund raised $48 million, based on a three- to five-year life cycle. There are already plans to acquire another three venues.
Harvest will take over at Woy Woy from 6 December.
