Fund manager Harvest Hotels has lifted its portfolio to eight regional pubs worth more than $210 million after buying the Windsor Castle Hotel.
Acquisitive fund manager Harvest Hotels has set a national record for a regional, non-coastal pub after snapping up the Windsor Castle Hotel in Maitland for $51 million.
The purchase of the gaming pub in the NSW Hunter region, about two hours north of Sydney, smashed the previous regional pub record notched up in April when Wagga Wagga’sThe Windsor Castle Hotel includes 30 gaming machine entitlements, accommodation and a bottle shop. Harvest Hotels, which is led by Sydney-based publicans Chris Cornforth and Fraser Haughton, has focused on buying pubs in regional locations such as Wagga Wagga and Tamworth, which are underpinned by strong economies and growing populations.
Asked why pubs, especially those in regional areas, were so popular with investors, Mr Cornforth earlier toldthey were “good businesses that are simple to understand” and where people can “touch and feel what they are putting their money into”.Rich Listers the Laundy family and Merivale boss Justin Hemmes have also been buying hotels outside the major capital cities in places such as Wagga Wagga and Narooma.
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