Former Carlton & United Breweries CEO Peter Filipovic and Patrick Ryan of Ryan’s Hotel Group have formed a partnership and acquired the Commercial Hotel at Redbank in Queensland.
It is the first acquisition made by the duo after an off-market campaign managed by CBRE Hotels Senior Director Paul Fraser.
Mr Ryan said: “We are delighted to have retained the Commercial’s passionate staff, and will endeavour to keep the pub genuine, and at the heart of the Redbank community as it has been for over 100 years.”
NSW publican Gerry Murphy of Roconcil last purchased the Commercial Hotel in August 2019. It is located on a 2,702sqm site and is 300m from the Redbank Train Station and Ipswich Motorway, connecting Brisbane to Ipswich. Roconcil refurbished the venue almost immediately following the acquisition to the tune of $650k.
Mr Filipovic has wasted no time in seeking new ventures since leaving CUB earlier this year. Last month he was appointed Board Director of Victorian operations at HTL Capital as the the advisory company expands operations along the east coast.
Upon his appointment with HTL he said, “Having been at CUB for 25 years, my next move was obviously one I have thought about deeply, and accordingly feel very comfortable aligning myself with HTL and its people. I’ve watched HTL participate within the hospitality industry nationally, and of particular interest to me has been the company’s professional behaviour with regard the provision of finance solutions.
CBRE’s Mr Fraser said the “The Commercial Hotel is situated in a strong Queensland gaming market, which provides substantial underlying value, supported by the asset’s 24 gaming machines,” Mr Fraser noted.
“The venue is a consistent top 200 gaming performer in Queensland, which is extremely impressive given it largely competes against assets with over 35 machines.”
He said that south east Queensland has become an attractive market nationally with “record infrastructure spending, comparative pricing, lifestyle choices and the Olympic Games all seen as favourable short, medium and long term attributes for the State”