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PubTIC editor Clyde Mooney reflects on the where, why and how much in the boom of multi-generational hoteliers cashing in.
Events of recent years, most certainly including the global pandemic, have had an undeniable impact on aspects of hospitality property and business valuation.
To the surprise of most, the national shutdown of pubs did virtually nothing to values, and if anything, the fact that they survived largely intact and rebounded with a vengeance when the shutdowns ended prompted more investment money to take notice.
In comparison with many other property sectors, most notably office and commercial space, pubs proved they remained popular with people stymied by containment measures. As office towers and CBD businesses languished as hoards of people changed their working arrangements, the local again came into its own – further bolstered by a record rebound in gaming.
Many of the biggest and best suburban pubs experienced something of a renaissance in their respective communities, as residents pivoted from habitual options to finding options closer to home, and people discovered the quality and ancillary benefits of eating and drinking at the pub. Plenty of these suburban institutions possess a virtual monopoly on patronage and positions, and virtual ‘unicorn’ status that attracted many an entrepreneurial suitor.
Late 2020, Sam Arnaout’s ever-growing Iris Capital bought the Ryan family’s Narwee Hotel in Sydney’s south for $45 million, which they had owned since 1987. Already a strong all-round performer, it also held major potential redevelopment prospects well suited to Iris’ record.
HTL Property National Director Dan Dragicevich says there a multitude of reasons why sales involving generational hoteliers have escalated in the past few years.
“Succession planning and not having the interest of the next generation to take the reins is one that we see frequently. Another is the extra layers of compliance and rigmarole involved in operating licensed venues in a modern climate.”
Assets owned by multiple generations have sometimes brought unique consequence and motivating factors for both vendors and buyers.
“The fact is, most of these hotels are passed on through family members, and typically sit on large and underutilized sites that have over time experienced considerable surrounding development and rezonings, which allows for a future alteration of use or intensity that often the traditional hoteliers aren't best placed to capture,” furthers HTL MD Andrew Jolliffe.
“The consequence of which means the market is often willing to pay a premium for the ability to either drive additional income out of the business, or unlock development potential in the underlying property.”
Several of these factors can be seen in sale of the Robin Hood Hotel in early 2021, on a 3.2-ha block in Orange. Owned by the Marshall family for 22 years, it was bought by Sydney-based Jason Marlow for a region record $19 million.
The past two years have brought around 40 examples of long-time owners, often very private families, selling to established hoteliers or investment capital, often for prices the previous generations never dreamed of seeing. Following are 20 of the best.
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Hollywood Hotel
The four-storey Art-Deco Hollywood was built circa 1942, in the heart of Sydney’s Surry Hills, sporting traditional mustard tiles at street level, a public bar and small gaming room, with a 3am liquor licence. Upper levels find a manager’s residence and nine well-appointed accommodation rooms.
It was once home to former Hollywood starlet turned operator Doris Goddard, who bought it in 1977 for $175k. She passed away in 2019, aged 89, and in 2021 it was listed for sale for the first time in 42 years, by Trustee Stephen Goddard.
“The level of enquiry was as diverse as it was deep. It brings great pleasure to know the successful party will keep the doors open in a fashion consistent with how Sydney has enjoyed a relationship with this wonderful hotel.”
Doris Goddard
Taking the show for around $10 million was local operator Parlour Group, fronted by Brody Petersen, adding to the group’s nearby portfolio of Riley St Garage in Woolloomooloo and Paddington’s Village Inn.
The sale campaign was reported as drawing over 100 enquiries, rumoured to even include industry heavyweights Justin Hemmes and Stu Laundy, but also Hollywood doyens Russell Crowe and Matt Damon.
Vineyard Hotel … Carousel Inn Hotel … Pub @ Rivo
The Stanford family have operated Sydney pubs for decades, and in 2021 began a strategic campaign to divest the stable.
This began with sale of the family’s Vineyard Hotel in October for a whopping $70 million, to an unnamed buyer. Located on a massive 7.69-ha stretch of Winsor Road, it provides a traditional sports bar with TAB, Keno and big TVs, a relaxing Lounge Bar, indoor/outdoor Bonanza Lounge with 30 EGMs, bistro, children’s play areas, beer garden, function facilities, bottleshop, and motel accommodation with 57 rooms, generating weekly revenue of around $245k.
Emboldened by the first move, they continued the divestment run with another massive transaction, selling the Carousel Inn, on a 1.7-ha corner of arterial Woodstock Ave in Rooty Hill. It offers public bar, bistro, Top200 gaming room with 30 machines, function space, bottleshop, parking for 250 cars, and a 3am licence.
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Having sold the Little Big House and Green Park Hotel, and noting the increasing scarcity of AAA-grade large-format hospitality opportunities in metropolitan Sydney, the buyer for $64 million was Bruce Solomon’s Solotel Group, representing its first new property in some time and first step into one of Sydney’s major growth regions.
“We look forward to engaging with the community to better understand how we can take the venue into the future,” offered Elliot Solomon, Solotel CEO. “This purchase is an important first step into the north-west – a key growth corridor for Sydney – as we look to continue to expand our diverse portfolio of pubs, bars and restaurants across Sydney.”
The last in the Stanford collection was the Pub @ Rivo, on 7,338sqm beside Riverstone train station, surrounded by major development projects including the proposed Riverstone town centre. It offers a Lounge Bar, traditional sports bar with TAB, Keno and big screen TVs, gaming room with 26 machines, bistro, expansive beer garden, bottleshop and 2am liquor licence, generating annual revenues across departments north of $4.2 million.
The smallest of the family’s three hotels, it sold to a new and growing consortium led by 20-year PwC veteran Andrew Wheeler and established publican Brendan Hood, for a reported $26.5 million.
It offered the incoming upside by way of renovation and modernisation, joining the Wheeler-Hood partnership with their Lucky Australian Hotel in St Marys.
Each of the Stanford’s three privately held pubs offered desirable land and large trading footprints in western Sydney growth corridors, and the total portfolio sale generated circa $160 million.
Paddington Ale House
For the first time in four decades, celebrated Mount Hawthorn community landmark the Paddington Ale House changed hands.
The Paddo is a handsome two-storey structure built around 1932 in the Interwar style, residing on a 1,266sqm block and licensed to hold 520 patrons. Former AHA President Neil Randall was the long-time operator, until 2018, and the Hotel has been recipient of several Awards from the AHA WA, but for the past forty years the freehold title has been in the hands of the Swanson Family, mostly under lease.
ARK Hospitality Group announced itself the new owner, for a sale price approaching $10 million. ARK is an award-winning, family-owned group that has been developing pubs for over 45 years, holding a stable in Western Australia including the newly renovated, historic Bassendean Hotel.
The group reported The Paddo would continue to trade as normal, before plans to revitalise it.
“The Paddo is the cornerstone hotel of Mount Hawthorn and we’re proud to take on the custodian role of a pub with such a rich history, dating back to the 1930s,” said GM Adam Kapinkoff.
“We’re looking forward to playing a role in this community and offering them a local everyone can enjoy.”
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Pendle Inn Hotel
Another private family opted to board the gravy train via sale of their rail-side Pendle Inn Hotel in western Sydney. The big pub was established in the 1950s by the vendors, and this marked the first time in its history it sold.
Sitting on a generous 7,564sqm site opposite the Pendle Hill train station, it provides public bar, bistro, Top150 gaming room with 30 machines, outdoor terraces, large drive-through bottleshop, and accommodation rooms.
The large block also held development scope, with favourable zoning and height limit.
It sold to an undisclosed buyer for around $70 million, understood to be Mark Duggan, keeper of Burwood’s Avondale Hotel, who had been seeking suitable development opportunities connected with hotels.
Arundel Tavern
Publican developer Bruce Donnachy built the Arundel Tavern in 2000, on a large site in semi-rural West Arundel around 10 kilometres north-west of Surfers Paradise, after constructing the Parkwood Tavern in 1994, which he sold to ALH in 2002 for $20 million.
The Arundel counts public bar and TAB, bistro, gaming room with 45 EGMs ranked Top10 in south-east Queensland, outdoor area, and three satellite bottleshops.
In 2021 Donnarchy submitted application to develop a 21-storey residential tower on the site. Although not on the market, Paul Xu’s Sun Hotels group is understood to have ‘come knocking’ with an offer of $27 million for the Arundel.
Donnarchy still held a tavern at Narangba, and sources say that while the initial offer was knocked back, a deal was done off-market for circa $29 million.
Xu’s Group began with purchase of the Helensvale Tavern, also on the Gold Coast, in 2012, for $7.7 million. He has since grown the portfolio to include the Stafford Tavern in Brisbane’s north, the Laidley Hotel, near Ipswich, and the Frisco Hotel in Woolloomooloo, in 2019.
Gambaro Hotel
Perhaps the most iconic hospitality family in Brisbane f&b, and the true name behind their eponymous Hotel, the Gambaros sold their legendary Gambaro Hotel, on Caxton Street, just blocks from Suncorp Stadium.
The pub incorporates a hotel, bar and dual restaurant renowned for quality dining, plus extensive and flexible private function spaces. In 2014 it reopened following an extensive refurbishment,
Arundel Tavern
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boasting 68 boutique accommodation rooms, and has become the preferred place to stay during major events at the nearby Stadium.
The governing body of the National Rugby League (NRL) purchased the ongoing operation for more than $30 million, while engaging the family in something akin to a joint venture.
“We are delighted with the sale of our Hotel after operating on Caxton St for over 60 years, and as a family we are equally as excited about the prospect of working with the ARLC in order to continue and grow the operation,” offered John Gambaro, who fronts the family’s business alongside his brother Donny and other siblings.
The acquisition was driven by the NRL and Australian Rugby League’s plans to invest in hard yielding assets to underwrite the future of the game, to foster and provide adequate funding for the sport.
Gambaro Hotel represents the Commission’s first investment in this pursuit, drawn to the Hotel’s long-term revenue and trade security and wider Brisbane activity leading up to the Olympics.
The NRL committed to upgrading the amenities, flagging potential to further expand the facility and rebranding the accommodation as The NRL, themed with rooms named after legendary players.
Lord Roberts Hotel
Mid-2022 veteran Sue Cameron sold her landmark Lord Roberts Hotel in Darlinghurst.
Popularly known today as the ‘Lord Bob’, the Shannon Hotel was first established on the site in 1871. The Powell family secured a lease with Tooheys in 1901 and renamed it the Lord Roberts, in honour of recently knighted British commander Field Marshal Frederick Sleigh Roberts.
The pub boasts a large single service bar area, sports lounge with TAB and 17 gaming machines, and casual dining area. Upstairs is a formal dining area and service bar, opening to an alfresco terrace.
Sue Cameron secured her first hotel licence as the Cameron family took over the lease in 1975. In 1995 she bought the balance of the family’s interest, then the freehold, and an adjacent terrace to the rear.
“As the long-term custodian of ‘The Lord’ I’ve felt very privileged to have served the very eclectic community of East Sydney; plenty of colourful characters have called this pub their local,” she reminisced.
Cameron had acquired the Federal Hotel in Alstonville the year prior, and listed the Darlinghurst freehold going concern, marking its first time to market in close to a century.
It sold to industry newcomer Adam Macfarlane for $22.5 million.
The precinct is set for significant development, and the Lord Roberts is central to a wave of proposals and construction. Macfarlane had plans for only minor renovations, acknowledging the importance of preserving the iconic building’s character.
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New Ivanhoe Hotel
After nearly five decades, the Ray family sold their Blue Mountains landmark the New Ivanhoe Hotel in Blackheath.
The family had been running the 1930s pub for the previous 45 years, since patriarch Vic Ray and wife Sybil took the lease in 1976. A year later they upgraded into the freehold.
Affectionately known as ‘The Ivy’ it occupies a site of around 1,500sqm on a high-exposure corner of the Great Western Highway, 90 minutes from the Sydney CBD. There is a public bar, gaming room with eight EGMs, 14 well-presented accommodation rooms – three with ensuites, and a manager’s residence, plus a small drive-through bottleshop that benefits from being the only one in town.
Blackheath is a community of 4,500 people that swells with tourists and day-trippers on weekends and holidays. Daughter, resident and long-term owner Kerrie Ray bid farewell to the many faces she has known.
“Thank you to all of the staff and loyal customers over all these years,” she offered.
The buyer, for close to $6 million, was well-known Sydneysider Ray Reilly, with business partner Adrian Guest, who was to assume operations. The pair brought considered plans, respecting the Ray family’s wishes to see the pub maintain its ‘close quarters’ atmosphere, while instilling some modernisation, increasing the prominence of the accommodation and capitalising on the drive-through.
Whelan’s Strathfield Hotel
Concluding more than a century under stewardship of the Whelan family, the large-format Strathfield Hotel sold in July ’22.
The classic Federation-style pub was built in 1918 after WWI by John Whelan, courtesy of a windfall betting on a cargo of Scotch whisky thought to have been lost at sea. It holds a sizeable 2,067sqm corner site adjacent to Strathfield train station, with two large bar areas, gaming room with 30 machines, 2am liquor licence, bistro, bottleshop, and 25 accommodation rooms upstairs, reporting annual revenues north of $10 million across departments.
It also offered potential buyers approved plans for a mixed-use
development to be built at the rear, comprising 60 apartments, 14 additional hotel rooms, commercial and retail space.
Brian Whelan offered when it sold that they were all thinking “with fond sentiment” of the old girl.
“Generations of the Whelan family have thoroughly enjoyed their time associated with this grand hotel, and it is with our best wishes to Sam and his family that we collectively pass the baton for the beginning of his prosperous journey.”
The purchase was another by Sam Arnaout’s Iris Capital, the sale price of circa $80 million said to represent a yield figure of around five per cent.
“We are particularly excited about this purchase given not only the privilege to take stewardship from the highly regarded Whelan family after 100 years of ownership, but also because my own family share such an affinity with the hotel and area,” offered Sam Arnaout, who has made a specialty of high-end developments with and around existing pubs.
Iris Capital has become a $5bn pub, hotel and development empire, boasting recent projects such as Newcastle’s massive East End development, and portfolio that includes institutions such as Manly’s The Steyne and the Hunters Hill Hotel.
Moss Vale Hotel
Ending three and a half decades on the job, Southern Highlands identity Tom Porter sold his Moss Vale Hotel.
The two-storey Hotel was the first licensed premise in the fledging town of Moss Vale, the licence issued in 1866, ahead of the new railway station in 1867. It enjoys a balanced mix of trade across
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bar, food, gaming, wagering and retail liquor, and counts 12 upstairs accommodation rooms and a midnight liquor licence.
Commonly known as the “Pink Pub” it still occupies the same 1,521 sqm site, adjacent to the station, and is the only hotel within the retail and commercial precinct, reporting annual revenues circa $5.2 million.
“My family and I have thoroughly enjoyed our 35 years at the Moss Vale Hotel,” recalled Tom Porter.
“A lot of blood, sweat and tears goes into owning and operating a hotel for this length of time. Accordingly, there are countless happy moments and memories attached to this place for my family.
“However, it’s time for us to pass the torch onto someone else, and we’re delighted that that person is a successful hotelier.”
Around 120 kilometres south-west of the Sydney CBD, inland from Shellharbour and Wollongong, Moss Vale has grown to be a community of around 9,600 residents.
The sale price was not revealed except to say it was in line with market guidance, which sources say was circa $16 million. And although the buyer was similarly not revealed, it is thought to have been acquired by a member of the Malouf family considering also relocating to the region.
Australian Hotel McGraths Hill
The Australian Hotel, established by the Maguire family in 1891, was sold outside the family in August 2022 for the first time ever.
Occupying a 6k-plus sqm site on the border of Windsor, the Australian’s facilities include public bar, bistro, indoor gaming room with 10 GMEs, beer garden, eight well-appointed accommodation rooms, a large drive-through bottleshop and significant off-street parking.
Marking the end of more than a century under the same owners, the family admitted to having mixed emotions on sale.
“[It] was built by my late husband’s ancestors 131 years ago,” said Kim Maguire. “We are delighted with the outcome, which will breathe new life into the Aussie, and allow me to focus on my grandchildren.”
McGraths Hill is home to around 2,500 locals, found around 56 kilometres north-west of the Sydney CBD, which appealed to growing Sydney publican Warren Livingstone to the tune of circa $11 million.
“The pub is perfectly situated in a growing region which has always piqued my interest,” he explained.
“We look forward to getting our hands on the operation and working with the community to provide a new and exciting hospitality offering for greater-Western Sydney.”
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Bar Broadway
Chippendale icon, the prominent Bar Broadway, sold as a re-stapled freehold going concern for the first time in nearly 20 years.
Originally known as the Westminster Hotel, then the Guys & Dolls Hotel, Sutherlands Hotel and most recently Bar Broadway, it has a long association with Tooth and Co, and is one of only a few surviving examples of Sydney CBD hotels built in an interwar Functionalist style. It holds a 24-hour hotel licence, gaming operation with 28 machines, and upstairs accommodation set up for 36 beds.
It is said to be one of the most strategically located hotels in Sydney, central to its growing commercial, retail, student and residential catchment, and was being sold with an activated DA for two additional upper floors.
Vendors of both the freehold and business were long-termers said to be exiting the industry to “retire and pursue other commercial interests”.
Stepping onto the stage for a reported circa $36 million came former Wallaby turned publican Bill Young, having recently sold his Friend in Hand Hotel in Glebe to Marcelo Colosimo, which had been owned twice by his family.
Purchase of Broadway continued his expansion of larger-format assets, having bought and then renovated the Illinois Hotel in Five Dock, and the Royal Hotel in Ryde from Pat Gallagher.
Longueville Hotel
Next in the procession of generational exits came the Longueville Hotel, as the Campion family sold up after nearly a century, having first bought a lease off Tooth & Co in 1929 before later acquiring the freehold.
The ‘Longy’ comprises a stylish public bar and wagering, dining, gaming operation holding 27 entitlements, and 3am trading approval. It commands a gateway site fronting Lane Cove Village in Sydney’s lower north shore, keeping a large catchment of more than 40k residents, with no immediate competition, and reporting weekly revenue in excess of $160k.
“It’s with a tinge of sadness but immense pride that the family are handing over the Longy to such respectful, exemplar custodians as the Gallaghers and we wish them every success with the next evolution of this wonderful business,” offered Graham Campion.
Taking the deeds for reportedly close to $50 million were Patrick and Angela Gallagher, adding to the Gallagher stable of large-format operations, including the nearby Hunters Hill Hotel.
Opportunity was seen in enhancing the business through plans to reposition the basement bar, improve the gaming offering, and activate the first floor, which is both licensed and approved to operate 15 accommodation rooms.
“We are delighted to now consider the ‘Longy’ as part of the Gallagher suite of quality family hotels and thank the Campion family for the opportunity to continue the hotel’s legacy in this wonderful, supportive community,” beamed Pat Gallagher.
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Sawyers Arms Hotel
For the first time in more than half a century, Sawyers Arms Tavern of Newtown, on the fringe of Geelong, sold as the stalwart Clatworthy family opted to move on.
Built in 1850 by timber merchant John Jackson, the historic Melbourne pub was rebuilt in 1907, in Federation style.
It was owned by former Geelong Football Club president Jack Jennings, who rebranded it Jennings’ Kardinia Park Hotel, until he sold it to the Clatworthy family in 1958.
The family renamed the pub back to its original moniker and operated it as the Sawyer’s Arms until time of this sale, but over the course of 64 years, largely due to their popularity and connection with the community, it was regularly known as ‘Clat’s Pub’.
“It has been my biggest honour to meet and serve so many wonderful people,” stated Peter Clatworthy. “I would especially like to acknowledge my grandparents Eileen and Ken, who started the business, followed by my father, John and my Aunties.
“Thank you for your loyalty, your enriching conversations and for dining with us.
“It is time to enjoy a beer.”
New keeper of Clat’s is John Upham, who operated the Lorne Hotel with family members Dave and Paul before they sold the famed coastal pub to Justin Hemmes’ Merivale, in May 2021.
Image: Google maps
Hunts Hotel Casula
Less than six months after the mammoth Crossroads Hotel sold to Nelson Meers in April for a record-setting $160 million, the similarly sprawling Hunts Hotel in Casula, was sold by the Hunt family, who had owned it for nearly 30 years.
Built on a massive 2.1-ha site on Camden Valley Road, Hunts offers 140 accommodation rooms, cocktail bar, conference facilities, a ballroom, tennis courts and restaurants, but no gaming.
After the passing of the principal of Hunts earlier that year, other family members have been operating the business, and put word out the property was available as a vacant possession.
Pub king Arthur Laundy answered the call for a figure of more than $42 million. It marked something of a return to Casula for Arthur, who had a lease of the Crossroads under Tooth & Co in 1962, which was how he came to know some of the Hunt family.
Mostly investing in the construction of greenfields in growth corridors recent years, the pub veteran suggested there were a lot of things they could do at the Casula business, but were so far undecided what exactly would transpire.
“Suffice to say there are a lot of irons in the fire,” mused Laundy.
Tahmoor Inn Hotel
Tahmoor Inn Hotel was in the hands of Jennifer Ryan and Trish Murray (nee Ryan) and family for over 36 years, but in late 2022 the sisters determined it was time to look to retirement.
Located in south-western Sydney's Macarthur Region, the single level, tavern style operation resides on a 2.9-ha block fronting the Old Hume Highway, opposite the recently constructed Tahmoor Business Park. It benefits from an exclusive trading catchment, with no other licenced pub or club in Tahmoor, providing public bar, bistro, gaming room with 24 entitlements, function room, 14 self-contained motel units, and two multi-bedroom manager’s residences, generating weekly turnover of around $125k across departments.
While the business showed clear upside potential through capex and operational improvements, proximate to the Wilton master planned residential and mixed-use redevelopment, slated to deliver more than 15K new homes, the Inn is in a part of Sydney quickly being consumed by encroaching urban development and its greatest longer-term prospect is likely in better utilisation of the surplus land.
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Tahmoor Inn
Another “Sydney-based hotel syndicate” emerged as the buyer of the freehold going concern, for a price said to be close to $40 million. The campaign reportedly generated six offers to purchase, leading agents to suggest it was one of its most contested sales of the year, even amongst generational unicorns.
“A continuation of the strong trading conditions across the national hotel landscape, and a shortage of pubs for sale, is driving market confidence and depth,” explained HTL Property’s Dan Dragicevich.
Hope and Anchor Hotel Hobart. Image: Google
Hope and Anchor
Built in 1807, the Hope and Anchor on the Hobart foreshore is thought to be the oldest continuously licensed pub in Australia, but for the past quarter century it was owned by Chinese investors.
Early 2023 the historic Hotel returned to local hands, ready to be “rescued” by alderman and hero of Hobart, John Kelly.
Almost elected Lord Mayor the previous year, and acclaimed medic to a number of the city’s old buildings, Kelly is a local identity, and brings prior success in revitalising tired heritage buildings in the city, such as at the State Cinema (built 1913), the Soundy Building (built 1878) and the Crescent Hotel (built 1860).
He is said to have paid $4.6 million for the Hope, and also bought an adjacent vacant block of land, citing plans to construct a contemporary building reflecting the Hotel’s history. The historic nature of the area means an archaeological excavation must be done on the vacant lot before any new construction work can begin.
Kelly told the Hobart Mercury the Hope will need “a lot of love and money to restore it”.
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Bull and Bush Hotel
Winding up 36 years behind the wheel, the stalwart Feneley family passed the baton on their big Bull ‘n’ Bush in the Port Stephens region.
The large-format pub, on an expansive 1.3-ha property adjacent to a Coles and Woolworths and the major shopping precinct in Medowie, is a single-storey tavern sporting a balanced operation of f&b, gaming room with 30 machines, and drive through bottleshop. The site provides more than 100 parking spaces, with a separate building incorporating 10 ensuited motel rooms, and two retail shops, under lease.
Inspired by the windfalls seen in sale of well-run operations with opportunity, the Feneleys divested to the growing local hotel syndicate led by Nick Quinn, for circa $27 million.
Quinn is a Port Stephens local, and while Quinn and Co divested their Windsor Castle in Maitland in 2022 to Harvest Hotels, they retain a strong presence in the area at the Lakeside Village Tavern in Raymond Terrace, and both the Bradford and Rutherford Hotels in Rutherford.
Around 30 minutes east of the Port, Medowie is a fast-growing region that has seen its population swell to more than 10k in recent years, and Port Stephens Council suggests there will be another 15k residents in the coming decade.
Quinn and Co make a practice of investing accordingly in new assets across all departments, and beyond its already strong cashflow were said to be attracted to the growth in the region. They declined to pose any plans yet, but indicated there was plenty on the cards.
The sale is a perfect example of industry faithfuls benefitting from countless hours of sweat equity, as they stoically step aside for the ambitions of the next generation.
“The Feneley family have done an astounding job servicing the local community since 1987, with the venue a focal point for the ever-expanding township and suburban catchment,” states HTL’s Dan Dragicevich, who orchestrated the sale.
“The buyers are good regional operators that invest in bar, food, gaming, beer garden and kids’ play areas, to really create that full-service offering the acquisition deserves.”
