Another Wagga Wagga hotel hotel has sold sold, as the famous Romano’s joins a family in Riverina pub ownership.
The landmark Romano’s Hotel has been in the hands of a syndicate of local and Sydney-based owners since 2016.
The investors spent $1.6 million on a strategic renovation and refurbishment, predominantly of the ground floor and first floor function rooms.
They put it to market earlier this year, reporting annual revenue north of $3.2 million, despite the accommodation being still inactive and the business rarely trading past midnight, although holding a 3am liquor licence.
“Romano’s Hotel has gone through a massive transformation over the last five years, and the syndicate is proud of what has been achieved,” offered shareholder and licensee Belinda King. “It’s now time for us to hand over the reins so we can all focus on other commitments.”
Topping a competitive sales process are Wagga Wagga’s own Oates family, comprising father Murray Oates, and son and daughter-in-law Matthew and Lauren.
This sale, which sources close to the deal say was around $6.2 million, adds to the family’s collection of pubs in the region, already counting the Commercial Hotel at Junee and Riverina Hotel at Holbrook.
“We are delighted with the purchase and look forward to taking over the operation very soon,” says Matthew.
“We intend to bring the hotel back to a traditional-style pub that concentrates on good service, good food and good times.”
2021 has already been an active year for Wagga Wagga pub sales, Romano’s coming just a week after news Sean O’Hara and partners bought the Sportsman’s Hotel.
Romano’s is an institution in the town of over 62,000 people. It provides a public bar, bistro, large beer garden, several spacious function rooms, and gaming room with 15 entitlements.
It also boasts 45 unused accommodation rooms on the upper levels, which are compliant but in need of refurbishment, and represent a major opportunity for the new owners.
The pub was sold through a national marketing campaign by HTL Property’s Blake Edwards and Sam Handy, producing 12 on-site inspections and seven strong offers to purchase.
“We have been frankly blown away by the strength of the market and depth of appetite from buyers for regional hotels in the first three months of 2021,” notes Edwards.
“Each year balance sheets become stronger and stronger, while conversely, quality pub opportunities become scarcer and scarcer.”
