AFTER being closed four months ago, The Tourist Hotel in Wagga is set to
reopen next week.
Owned by a Sydney investor, the Fitzmaurice Street double-storey
building was on the market for $1.7 million and then $1.55 million.
Despite being advertised statewide, expressions of interest were below
There was one serious offer of $1.5 million, which was subsequently
withdrawn when a potential buyer made another investment.
It is understood the new licensee, who has hotel management experience
in Sydney and south-east Queensland, will be in Wagga tomorrow to check
and test equipment and facilities in readiness for the reopening.
The licensee, who is understood to have taken a small equity in the
business, will meet with Wagga hotel broker Nick Tinning to complete
licensing documentation requirements which will then be lodged for
Depending on when this approval is recceived, the hotel could re-open
on Monday or Tuesday.
It is also understood one of Wagga's best known hotels could have a
change of ownership before Christmas.
There are reports that the price could be several millions of dollars
below the stunning seven figure amount, in excess of $10 million, and
representing a decrease of around 35 per cent, when the hotel was sold
about four years ago.