REDCAPE ‘FINE-TUNES’ OUT OF 3 MORE PUBS

Redcape Hotel Group has tightened its portfolio a bit more ahead of the much-rumoured public float, divesting three pubs at once to a burgeoning local operator.

The three pubs are located in Port Macquarie, and their sale follows the Group’s previous sales of the Plantation Hotel and Moonee Beach Tavern to represent a strategic exit from the area.

The Port Macquarie Hotel, Town Green Inn and Tacking Point Tavern are conversely in the heart of the operations for the privately-owned Matsal Group (Taphouse Hotel Group), which also operates the Chinderah Tavern, Kingscliff Beach Hotel, Coolangatta Sands Hotel, and Rydges Hotel at Port Macquarie.

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Redcape is owned by US hedge funds Värde Partners and York Capital, and has been strategically fine-tuning its portfolio for some time. Other US finance entities have been engaged to manage a much-mooted IPO for some or all of Redcape later this year, but as yet the hotel operator has remained very guarded about exact plans.

The latest assets were offered off-market through Ray White Hotels to what was likely a small, targeted list of prospects. Ray White’s Joel Fisher and Andrew Jolliffe were unable to comment.

Far from selling-down, late last year the Group made significant purchases of the Landmark Hotel for around $25 million, and Eastern Creek Hotel for around $10 million, both in western Sydney and prime gaming territory.

The Matsal Group, owned by entrepreneurs Peter Mattick and Philip Salter, has been amassing a portfolio in the northern NSW, south-east Queensland area for nearly a decade.

This package deal was reported in the Australian Financial Review as changing hands for around $12 million, and the mix of opportunities across the three pubs brings a strong, strategic bolster to Matsal’s operations.

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