New Farm’s Queens Arms Hotel on James Street is set to be sold to a syndicate of hotel operators and investors for a reported $21 million.
Headed up by Sydney hotelier Peter Ashelford and businessman and Sydney Roosters chairman Nick Politis, it is reported that the Queens Arms syndicate includes Crocodile Dundee star Paul Hogan.
The 130-year-old Queens Arms has undergone a $5 million renovation which was completed earlier this year for owners Chris and Lou Condon.
It was carried out by the Apollo Property Group who worked closely with the owners to complement the building’s heritage status with needed modernisation.
The Queens Arms was once owned by Queensland rugby league legend Arthur “Artie” Beetson.
The renovation of the hotel included a massive 30 square metre glass panel entry way, six-metre-high ceilings and a 40 square metre “green wall”.
[Related reading: Queens Arms hotel Re-Opens After Multi-Million Dollar Face-Lift]
Politis was one of the buyers of the Treetops Tavern in Burleigh Waters in late 2015 from the Thomas Hotel Group for $20 million. It was described as the largest going-concern pub sale in Queensland in five years. Earlier this year he bought the historic Heckelmann’s Building in Brisbane CBD for $15.5 million.
The sale is expected to settle in September 2017.