The Gunnedah Hotel is under new ownership.
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Chris and Kim Gibbs have sold the hotel to Daniel Whitten and Luke Prout who run the Tamworth Hotel.
Manenti Quinlan and Associates said there was a huge number of inquiries when it was offered on freehold/vacant possession basis. The hotel is about 3000 square metres, has 29 rooms for accommodation and a 3am licence.
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“With the recent shortage of Metropolitan Assets being taken to the public market, the Gunnedah Hotel attracted a very high level of interest from Sydney publicans and a long list of established country operators,” Manenti Quinlan and Associates’ Nick Butler said.
“Strong competition via the expression of interest campaign created drove a brilliant result for the vendors, with the hotel trading on a yield close to 11 per cent, which is incredible in a tightening lending landscape”.
The Gibbs will relocate now that the hotel has sold and the new owners will take over in mid-February.
“We’ve loved our time in Gunnedah and have enjoyed playing a role in the improvement of the hotel across all facets, and supporting local sporting teams and events,” Mr Gibbs said.
“We’re relocating to the coast for family reasons and will be keeping a close eye on the next chapter for the Gunnedah Hotel.”
It is the third ownership change in Gunnedah in the past six months, with Jake and Jaron Vigor taking over the Clubhouse Hotel in August (now trading as The Grand Elixxa) and Josh Launders and Rob Broomham buying the Railway Hotel in October.
