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Author: Enotia Support
News Date: 21/4/2015 2:57 PM
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 expectations.

There was one serious offer of $1.5 million, which was subsequently withdrawn when a potential buyer made another investment.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 approval.

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.

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Chris Tinning & Company
117 Byrnes Road
North Wagga NSW 2650
Ph: +61 (02) 69 710032
Fax: +61 (02) 69 710032