Coles Myer has completed the acquisition of the Hedley Hotel Group for $328 million.
The Hedley Hotel portfolio include 35 hotels, 102 retail liquor stores and strategic sites for an additional seventeen 1st Choice Liquor Superstores in Queensland.
“The Hedley acquisition significantly boosts both our liquor superstore and hotel presence in the key Queensland liquor market,” Coles Myer chief executive John Fletcher said.
“Hedley more than doubles our existing hotel portfolio in Queensland and provides a catalyst for the rapid rollout of our 1st Choice Liquor Superstore format in what is Australia’s fast-growing liquor market,” he added.
There are currently 10 1st Choice Liquor Superstores operating in Australia, including five in Queensland.
Sites for an additional 72 1st Choice stores have also been secured nationally, subject to licensing approval.
Hedley hotels are located in Brisbane, the Gold Coast, Cairns, Townsville, Rockhampton, Gladstone and Mackay.
The Hedley Hotel boasts annual sales in excess of $325 million.
By Adam Parsons
