Computershare founder Chris Morris injects $7m into Portsea Hotel renovation
Ingrid Fuary-Wagner
Rich-lister and founder of financial administration software company Computershare Chris Morris has spent $7 million to give Portsea Hotel on the Victorian coast a facelift.
The hotel, one of the best-known pubs on the Mornington Peninsula, was added to Colonial Leisure Group’s $300 million tourism portfolio after it was purchased by Morris for $9.3 million almost 20 years ago.
The billionaire then sold the historic 142-year-old freehold building in 2016 – while continuing to operate the business – to pub baron Mazen Tabat for $17.1 million.
“Selling the Portsea Hotel as a freehold provided the opportunity to reinvest back into Colonial Leisure Group, allowing us to expand our portfolio,” Morris told The Australian Financial Review.
The hotel will open its doors again to the public on December 10, after its closure in May, when a number of weddings that were due to take place at the venue in the following months were reportedly cancelled at the last minute.
The $7 million refurbishment includes a large open-style kitchen, a new burger bar overlooking the water and a whiskey-inspired cocktail bar for the cooler months.
“Portsea Hotel has been a great place to go in the warmer months and although it is seen as a Portsea icon, the charm had left the building some time ago,” Morris said.
Morris, who is worth an estimated $1.02 billion, made his wealth in technology, after co-founding share registry business Computershare with his sister, but has since turned his attention to tourism. His hospitality group owns and operates several pubs, resorts and restaurants across Australia, including Orpheus Island on the Great Barrier Reef, a cattle station and luxury lodge in Mount Mulligan, Queensland, and an eco-lodge in the Daintree.
“We take a diversified approach to buying and operating tourist venues around Australia, but most importantly, we look for venues that present unique, yet rewarding opportunities,” Morris said.
“We’ve found the three main things people want when visiting Australia is to visit the reef, the Daintree and the outback – all within a three-week period. We also have 28 helicopters to fly them between locations,” he said.
“Islands are always an interesting asset to add to the portfolio and although they may not be as financially strong as other assets, they’re a lot of fun,” he added.
