Craig’s Royal Hotel expected to fetch more than $13 million

Eloise Hanson By Eloise Hanson
31 October 2019 | Updated 31 October 2019

Australia: Built in 1853, the hotel is being offered to market for the first time in 20 years via an expressions of interest campaign opening November 6.

The 37-room boutique accommodation, at 10 Lydiard Street in Ballarat, Victoria, comprises a coffee shop and restaurant, as well as a lucrative gaming licence.

Its owners, John and Mary Finning, bought the property in 1999. Between 2003 and 2010, the couple undertook a multimillion-dollar redevelopment of the accommodation and restaurant, which now operates as the Gallery.

Will Connolly, vice president at JLL Hotels and Hospitality, said: "Not only does Craig's Royal offer arguably Victoria's most elegant boutique accommodation, but it's also a business that provides a foundation of gaming income generated by 45 EGMs (electronic gaming machines), which in a market as tightly held as Victoria's will help draw a wide range of buyer profile".

"The buyer will be purchasing a brand rather than a hotel - perhaps someone who is looking for a flagship property for their portfolio," Connolly added.

The hotel, first known as the Ballarat and then Bath's Hotel, was the first property in Ballarat to be granted a liquor licence.

It served as the backdrop to significant moments in Australian history, such as the forming of the Melbourne Racing Club, and the royal commission of enquiry into the Eureka Stockade conflict in 1855.

It has also hosted royal and famous historical figures, such as Prince Alfred, Duke of Edinburgh in 1867, and Dame Nellie Melba famously sang from the hotel's balcony in 1908.

Expressions of interest for Craig's Royal Hotel will close at 4pm on December 5, 2019.

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