ALH purchases pub portfolio valued at $408 million

Photo of Bottle Shop - internalIt’s been a busy week in the pub and finance sector with news of Australian Leisure and Hospitality Group’s (ALH) purchase of one of the largest ‘off-market’ hotel portfolios in history.

The sale, handled exclusively by Ray White Hotels Australia, comprised of 32 hotels with a gross asset valuation of $408 million and included the largest single pub sale of the past 5 years with the Caringbah Hotel (Bayfield) at $43.6 million.

As of date of publishing the ACCC has approved 27 of the proposed 32 hotel transactions with the balance being worked through.

The sale took over 12 months to finalise and comprises of 4 tranches ALH and Laundy Hotel Group – LHG, ALH/LHG and Waugh (Waugh Family) , ALH/LHG and De Angelis Family and ALH/LHG and Bayfield family.

The first tranche settled last Monday, the second and third tranches are due to settle this Monday and the last portion (Caringbah) is yet to be advised.

Finance for the sale was provided by four major lenders providing yet another defining sign of liquidity returning to the market.