Australian Venue Co has acquired nine hospitality venues in Western Australia through two deals with the Ark Group and the Colonial Leisure Group.
In the Ark Group deal, AVC acquired the Durty Nelly’s, Market Grounds, The Generous Squire and the Bassendean Hotel venues in Perth.
The company also picked up the Scarborough Beach Bar, Galway Hooker and The Peach Pit in Scarborough.
Under the Colonial deal, AVC swapped its Melbourne pubs, The Vincent and O’Connell’s, for Colonial’s The Raffles Hotel and The Royal in Perth.
AVC’s WA portfolio will grow to 19 venues, having operated in the state since it acquired the Publican Group in 2017.
AVC CEO Paul Waterson said the acquisitions reflected the group’s confidence in WA hospitality industry.
“We have a great team on the ground and look forward to growing our team and our portfolio of venues in the state,” Waterson said.
“These pubs have been part of their community for decades, and we’re excited to be part of the next chapter.
“We can’t wait to meet the team and the locals at each of these venues.”
A spokesperson for Ark Group said it was a big decision to sell the venues, but it was easier knowing that the AVC team were renowned, quality hospitality operators and that the venues were in excellent hands moving forward.
On the Colonial deal, Waterson said asset swaps were an attractive option for active operators looking to enhance and consolidate their portfolios.
“We have a lot of mutual respect and understanding, and both parties can feel confident that they’ll acquire well-run venues. It’s an excellent opportunity for each group to purchase assets that play to their strengths,” Waterson said.
Recent hospitality deals include Redcape’s sale of the Minskys Hotel and Commercial Suites in Sydney for $39 million last month.
In March, Public Hospitality Group purchased he Lady Hampshire hotel and pub in Camperdown, Sydney for about $11 million, while EG and Australian Venue Co. bought The Anglers Tavern pub in Melbourne for $23.33 million in February.
Last December, MA Financial Group acquired the Hotel Brunswick in Brunswick Heads near Byron Bay on the NSW North Coast for $68 million, as Hotel Property Investments bought a portfolio of seven pubs located throughout South Australia for $66.1 million.
Interested in pub and hospitality valuations? Read our Pubs and hospitality through the eyes of a valuer: 2022 article to learn more.