Already a subscriber?Pub owner and operator Redcape Hotel Group has quietly sold a large gaming pub in Fairfield in Sydney’s west for almost $50 million and unfrozen the unlisted fund in which it was held, allowing those investors who want to get out to leave.
last year and begin asset sales to provide capital to fund future payouts and strengthen wobbly balance sheets.With the sale of the Crescent Hotel in Fairfield to veteran publican Patrick Gallagher’s Gallagher Hotel Group for $47.5 million, Redcape has now divested more than $200 million of assets in less than a year.
It will bolt on to a portfolio of four hotels comprising the Hunters Hill in northern Sydney, the Terrigal Hotel on the Central Coast and the Longueville Hotel in Lane Cove,According to a sales summary document, the hotel generated weekly turnover of $190,000 and delivered annual net profit of $3.4 million – equating to a yield of 7.2 per cent.
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