Redcape Hospitality has shuffled the portfolio again, selling the South Terrace Hotel in Bankstown to Oscars Group in another major NSW transaction.
Redcape, under MA Financial’s MA Hotel Management, has been making moves in south-east Queensland, after recycling capital from the sale of big-ticket Sydney and NSW assets, such as the Beach Hotel in Byron Bay, passed to the Didier family.
Early 2025 the group began expanding its presence in the Sunshine State with purchase of the Willow Hotel, Commercial and Lucky Tree hotels from Peter Braithwaite and Brendan Lawless, backing it up in February by picking up the Prince Consort and Saltwater Creek Hotel.
The push continued throughout the year, seeing addition of four Maeva Hospitality pubs for around $80 million in April, the Orion Hotel in Springfield in August, and Kickon Group’s Plough Inn, in October.
Sale of the South Terrace, purchased by Bill and Mario Gravanis’ Oscars Group for $54 million, is expected to lead to further SEQ acquisitions. Redcape were unable to provide further details at this stage.
South Terrace’s 2,100sqm site is on the southern edge of the Bankstown CBD, incorporating sports bar, gaming operation with 28 machines, ranked #106 in the state, and a popular beer garden. It was previously known as the Red Lantern Hotel, and the Oasis Hotel prior to that.
The site holds favourable high-rise approvals, and it’s understood Oscars has plans for a significant upgrade, set to make use of streamlined planning guidelines introduced by the Minns government. Oscars was contacted for further details but were unable to respond prior to publication.
Oscars has itself been polishing the portfolio, their stake in Tamworth Pub Group divested as part of a $160 million portfolio deal.
These continue a run of top-end transactions, such as the Websters selling Richards on the Park Hotel for $64 million, Momento selling the Silverwater Hotel to Jason Marlow for around $75 million, and last month the Thomas family selling the famous The Oaks to the Gallagher family for $140 million.
An off-market sale campaign on the South Terrace was conducted by JLL Hotels’ John Musca and Ben McDonald, who say the activity reflects the ongoing equity being driven into an “historically robust” asset class.
“The pursuit of hotel sector cash flows continues particularly for sought-after trading catchments, attracting nearly $2 billion in capital over the past 12 months alone, as consolidation of larger assets continues across the country,” says McDonald.
