Orange's Robin Hood Hotel sets $51m ‘country pub' record
A syndicate of local operators and investors led by experienced publicans Tim Ireson and Ben Cochrane has paid $51 million for the Robin Hood Hotel in Orange, a record price for a pub in regional NSW.
The price was more than double the $19 million the Marlow Hotel Group, headed by Jason and Peta Marlow, paid for the large venue less than two years ago, although the family invested heavily in a multimillion-dollar upgrade.
Its sale this week is almost double the previous highest price paid for a NSW country pub, the Thomas Blamey Tavern in Wagga Wagga, which was purchased for about $27 million less than a year ago by a consortium that included Rich Lister Arthur Laundy, his son Stuart Laundy and publican Sean O’Hara.
The Windsor Castle Hotel in Maitland sold for $51 million in August last year to fund manager Harvest Hotels, but Robin Hood Hotel selling agents HTL consider the Maitland pub a metro venue because of its proximity to Newcastle.
“Anything west of the Great Dividing Range we consider a regional pub,” explained HTL managing director Andrew Jolliffe, who negotiated the Robin Hood sale with colleagues Dan Dragicevich and Blake Edwards.
The sale takes total pub deals to $515 million for the first two months of the calendar year, according HTL calculations, putting it on course to exceed the $2.2 billion of venues that changed hands last year.
New owners Mr Ireson and Mr Cochrane have owned and operated a number of country and metro pubs, including Narrabri’s 108-year-old Namoi Hotel, which being renovated.
Potential to subdivide
Sydney-based vendor Marlow Hotel Group remains a prominent participant in the hotel sector with a portfolio of seven venues, including the Peach Tree Tavern in Penrith and the Kings Park Tavern near Blacktown.
MHG was previously the manager of the Crossroads Hotel, which HTL Property sold last year for almost $160 million.
The Robin Hood Hotel includes a new bistro and indoor children’s playground, new beer gardens and additional car parking. It stands on a 3.27-hectare site that has the potential for future subdivision and mixed-use redevelopment.
“The Robin Hood exhibits the very best of value accretive pub fundamentals and through Marlow Hotel Group’s hard work and expertise, these have been activated with the results evident in the venue’s patronage and trade,” Mr Dragicevich said.
“Regional centres such as Orange benefited greatly through the pandemic years, and continue to draw the attention of astute capital investors.”
Mr Jolliffe added: “The asset class remains a first choice investment option for both corporate and private vehicles nationally.”
