Blue Sky names head of new Adelaide hotels portfolio
Experienced South Australian hotelier Greg Maitland will lead a new portfolio of 10 hotels spread throughout the Adelaide suburbs.
Blue Sky Private Equity announced that Maitland would stay on as chief executive officer of the new GM Hotels after buying a major stake of the Independent Pub Group.
Maitland is the former CEO of the Independent Pub Group which managed hotels in Queensland as well as SA.
The investment includes the Beach Hotel, Christies Beach Hotel, The Lodge and the Tower which are located within a 40-kilometre radius of Adelaide CBD.
“I am looking forward to the opportunity to partner with Blue Sky and to focus on the operational performance of the portfolio in my home town,” Maitland said.
Blue Sky executive Andrew Champion said the company had been looking for the right opportunity in the pub sector for a number of years.
“We are attracted to the defensive nature of these pubs flowing from their scale, multiple revenue streams and their strong suburban catchments,” Champion said.
“These hotels are well operated and invested however there are selective operational improvement opportunities and surplus land assets we will exploit in due course.
“We are also delighted to be partnering with Greg who has a proven track record.”
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Earlier this year Blue Sky, which has assets of more than $1 billion, announced its bid to buy the hotels.
The portfolio includes three freehold going concerns and seven long leasehold going concerns, with an average leasehold period of more than 30 years.
GM Hotels is expected to deliver a stable earnings base and a double digit cash yield to investors.
Blue Sky Private Equity is a division of Blue Sky Alternative Investments Limited (ASX: BLA).
