Growing local hotelier Jim Knox has expanded his collection with purchase of the Royal Hotel in Moree from long-term owners Deb and Tim Evans.
The Royal of Moree is a large, two-storey brick pub with a generous Federation-style parapet, on a prominent corner. It offers public bar with TAB, commercial kitchen, bistro, gaming room with 15 machines, plus a freestanding motel with 16 rooms.
It has been owner-operated for years by the Evans’, who look to retirement and travel, once possible again. Settlement was this week, and all current management and staff are encouraged to stay on.
Knox is already well-versed with the town, which is experiencing strong local GDP drivers and blue collar employment, underpinned by massive nearby cotton farms and significant infrastructure spending, such as the $15 billion Inland Rail Project, as well as increasing post-COVID domestic tourism.
Last month Knox purchased Armidale’s Whitebull Hotel for $13.25 million, and he already holds other agriculture-related business interests near Moree.
“Moree is a historically resilient economy,” says Knox.
“We are particularly familiar with the town, and have adopted a positive view regarding the prospects for both the pub and the region.”
The Evans’ appointed Moore & Moore Real Estate as their agents for the sale, while HTL Property acted as agents on the buyer side for Knox. Sale price is believed to have been circa $7 million.
This represents the third New England hotel sale involving HTL in less than two weeks. HTL’s Xavier Plunkett, who brokered for Knox, suggests groups have previously shown a reluctance to head to Moree due to “geographical constraints” despite its attractive yields and comparatively limited COVID disruption.
“It is however our considered view as agents, that these high-quality hotels in regional towns actually represent some of the most astute purchasing opportunities on offer across any real estate-backed asset class.”
Deane Moore echoes the sentiment that regional hotels are proving hot property, noting strong competition vying for another three off-market transactions he has had on the far north coast in recent weeks.
“The Royal was a good result, and I wish the seller and the buyer all the best of luck.”
