Coles’ Spirit Hotels has finally announced its much-anticipated joint venture proposal with Australian Venue Company (AVC), for control of 87 pubs in three states. ASX-listed Coles (ASX: COL), recently de-merged from parent company Wesfarmers, has entered into an incorporated joint venture with a wholly-owned subsidiary of AVC, to be known as Queensland Venue Co (QVC). […]
The long-awaited joint venture between Coles’ Spirit Hotels and KKR’s Australian Venue Company is one step closer, with lodgement of the paperwork this week to Queensland’s Office of Liquor & Gaming Regulation. Rumours have circled for much of this year that Australian Venue Company (AVC), majority owned by American venture capital behemoth Kohlberg Kravis Roberts
Hotel Property Investments has divested its freehold interest in the Coles-tenanted Wickham Hotel in Fortitude Valley on a sharp yield not seen in the state for a decade. The ASX-listed HPI holds in excess of 40 venues in Queensland and South Australia, majority tenanted by Cole’s liquor and hospitality arm. HPI engaged JLL Hotels’ Tom
The much-rumoured joint venture between Coles’ pub arm and a big operator is close to a deal with KKR’s Australian Venue Company, with the major hurdle fast approaching. Speculation has emerged about a broad change to the fleet of Spirit Hotels, sparked by Coles’ and parent company Wesfarmers’ continued unrest with exposure to poker machines,
The battle of the supermarket pub groups has taken another twist with Wesfarmers’ mooted plans to shed Coles from its portfolio, as Aus Venue Co looks to step up the value of its operations. Eleven years after buying and reviving the national supermarket chain, Wesfarmers has announced plans to divest most or all of Coles,
A dangerous situation in an east-Brisbane pub has been fended off courtesy of bumbling bandits and a gaming patron with a big stool. Around 11:30 on Monday night (27 November) two masked men entered Coles’ Lord Stanley Hotel on Stanley St, one carrying a rifle the other a machete and a black cloth bag. The
The supermarket giants have separately listed two Perth pubs, offering owner-operator upside in areas on the rebound. In 2011 ALH, 75 per cent owned by Woolworths, bought the 12-venue portfolio of the failed Compass Group, for $86 million. While it sold the Princes Road Tavern the following year, it has continued operations on all the
COLES & WOOLWORTHS BOTH LIST WA PUB OPPORTUNITIES Read More »
Continuing the run of Spirit Hotels blue-chip Queensland freeholds, the big Waterloo Hotel and tower has come to market. The Waterloo Junction complex in Newstead comprises an historic pub and several retail tenancies, plus upmarket commercial office space. It represents a total of 4,634 m² of lettable area over five levels, on a prominent corner
ANOTHER SPIRIT BLUE-CHIP TO MARKET IN HEART OF BRISBANE Read More »
Hot on the heels of HPI’s listing of two Coles-leased blue-chip freeholds, another but soon-to-be-vacant Spirit Hotel has come to market, in booming Cairns. The Barrier Reef Hotel occupies 530 m² on the corner of Abbott and Wharf Streets, and is one of the first buildings seen by passengers disembarking from the increasing number of
SPIRIT’S BARRIER REEF HOTEL ON OFFER IN HEART OF REEF Read More »
The freehold and opportunity surrounding Coles’ Mansfield Tavern came to market last week – only to be snapped up quick smart by “a well-known Sydney publican”. The massive 20,830 m² site, just 11 kilometres south-east of Brisbane CBD, was expected to pique investors, developers and hoteliers looking for the next big thing. The Tavern and
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