Hotel’s multi-million dollar sale to mystery buyer
ONE of the most popular places to have a drink in the 2480 postcode changed hands last week.
And the buyer would have needed deep pockets as the freehold of the Rous Hotel at 44 Keen St, Lismore, was advertised with a price guide of $3,500,000 (GST na).
MQ agent Leonard Bongiovanni said a commercial-in-confidence agreement prevented him from naming the sale price.
"This was the first time the property was on the market in 21 years and it attracted a lot of interest," he said.
"We had strong local as well as interstate interest."
Mr Bongiovanni said while he could not name the purchaser, they were "experienced in the hotel industry".
"The Rous Hotel will be added to their property portfolio," he said.
It is understood the Rous Hotel which comprises a 1,754 sqm property had been on the market since May 2019.
The property was marketed with earning, "over $39,634 per week revenue (FY2019) primarily in Bar, Bistro & Gaming."
Since 1998 it has been owner-operated by Mick Bulmer, who bought the business with parents Frank and Pat Bulmer.
"The sale has been transacted on paper," Mr Bongiovanni said.
"There is a delayed settlement so the current management will continue for the foreseeable future."