A Sunshine Coast hospitality group that owns four local hotels has been sold to a Sydney-based company in a record-breaking off-market deal.
Maeva Hospitality, which operates the Bli Bli Hotel, Baringa Tavern, Parklands Tavern and Brightwater Hotel, has been acquired by Redcape Hospitality.
Owned and operated by Scott Armstrong and Richard Deery, Maeva also operates nine bottle shops on the Coast.
“I would like to warmly congratulate Chris Unger and his team at Redcape on the acquisition of our portfolio,” Mr Armstrong said.
“Our assets are some of the most recognised pubs on the Sunshine Coast and we would like to think arguably the best presented.
“We are grateful to have received multiple accolades over the years for each of our venues, and Richard and I hope to have left a legacy for the local communities with the venues we have collectively created and which we feel confident Redcape will continue to grow into the future.”
All four of Maeva’s hotels were developed as greenfield sites.
A Maeva spokesperson said operations and venue branding would continue as usual once the transfer takes place, towards the end of May.
“It’s important to reassure our guests that there won’t be any dramatic changes. Their local will continue to operate as usual,” they said.
“The Maeva Diamonds Rewards member points program will remain operating.
“Current teams will remain in place. Scott and Richard will no longer be involved.”
The combined assets offer a weighted average lease expiry of more than 45 years with a combined annual turnover over $63 million.
The transaction was managed exclusively by HTL Property directors Glenn Price, Andrew Jolliffe and Daniel Dragicevich.
Redcape has now purchased 10 South-East Queensland pub assets for a combined $220 million, with HTL Property selling eight of them.
“The Maeva portfolio will complement and fit nicely into our existing portfolio of high-performing pubs and continues our diversification and income growth strategy,” Redcape managing director Chris Unger said.
“On the back of continued strong trading and execution of our acquisition strategies, Redcape has once again upgraded our distribution to investors and this transaction will strengthen that further.
“We are excited to welcome these outstanding venues and teams into our fold and thank and congratulate Scott and Richard.”
Redcape’s website says it is one of Australia’s leading hospitality groups with more than 1000 staff across 29 venues in NSW, Queensland and Victoria.
It also owns and operates the Beach Hotel Byron Bay, Hotel Brunswick at Brunswick Heads, All Seasons Resort Hotel Bendigo and Darlinghurst’s Kinselas and Courthouse hotels.
In Queensland, it has recently also acquired the Commercial Hotel at Redbank Plains, the Flagstone Tavern, the Lucky Tree Tavern at Durack and the Willow Hotel at Moorooka.
“In 2024, Redcape set out on a deliberate path to scale up their stronghold of pubs in South-East Queensland,” said Mr Price, who is a director of HTL Property.
“Identifying multiple opportunities for this strategy, we (HTL) have worked closely with our valued clients (Maeva), providing them with a timely divestment strategy, capitalising upon favourable market forces.
“The Maeva Hospitality Group pub portfolio, astutely developed and curated by industry stalwarts Scott and Richard, is at least on par with any collection of hotel venues across the country.
“Each asset exhibits not only the intrinsic fundamentals vital to a sustainably successful operation, but are also individually and strategically located within major residential growth precincts, adjacent retail centres and with almost exclusive catchments enabling them to enjoy success well into the future.”
