The Comiskey Group has ended its long tenure at its greenfield Beachmere Hotel, handing over to new owners, a new investor-backed vehicle – Venu Hospitality Group.
Comiskey Group is a successful family-owned hospitality company known for having built and operated iconic entertainment venues including Eatons Hill Hotel and Sandstone Point Hotel.
The family constructed the Beachmere – one of their first pubs – in 2009, and after 14 years of ownership this month finalised sale of the coastal property, which holds plenty of sentimental value for the Comiskeys.
“Going through the process of settlement has brought back so many fond memories at Beachmere Hotel and has reminded me of how far we have come over the years,” offers group director Rob Comiskey.
“We are sorry to see the venue go; it has been a great asset.”
The incoming owner is Venu Hospitality Group (VHG), targeting venues across south-east and coastal Queensland.
It is fronted by Paul Weightman, former CEO and founder of Cromwell – an ASX-listed top 200 REIT (Real Estate Investment Trust) with market capitalisation of over $2bn, who joined forces with Steve de Nys, co-founder of Stronghold, to focus on opportunities within the booming hospitality sector.
“We thank the Comiskey Group for the opportunity to become the new custodians of this vital community asset,” says Weightman.
“The Beachmere community is anticipated to grow substantially over the medium term, and we are delighted to secure such a modern and family friendly asset to add to our portfolio.”
Weightman and de Nys formed Stara Venue Operations, paving the way for VHG, which is offering wholesale investors exposure to both hospitality property and the operating businesses, with forecast Y1 distribution of 7.5 per cent. It is one of first investment opportunities to arise under the new Corporate Collective Investment Vehicle (CCIV) regime introduced by the Australian Government in 2022.
VHG seed assets are established SEQ businesses, to date including Brisbane icons Madame Wu and Chu the Phat, and pubs operated by Raw Group, which counts Beach House Hotel Scarness, Duporth Tavern Maroochydore, and Brisbane’s famous Stock Exchange Hotel.
VHG has also just acquired the Pine Beach Hotel at Emu Park, in Central Queensland.
It says there won’t be any major changes at The Beachmere in the short term, although regulars can look forward to an enhanced events programme and a refreshed retail offering.
The Comiskey Group listed the pub in 2021 through HTL. Beachmere was seen as the best choice for divestment as the group continues to grow, unveiling the garden-themed The Doonan last month and speaking of “major plans for expansion” over the coming years.
