29 Oct 2024
Words The Hotel Conversation

4-star Roma Explorers Inn sold in off-market deal by ResortBrokers

The freehold going concern of the 4-star Roma Explorers Inn sold by ResortBrokers Managing Director Trudy Crooks and agent Jason Vogler.

ResortBrokers has sold the freehold going concern of the 4-star Roma Explorers Inn, one of Queensland’s top regional hotels, in an off-market transaction.

The 89-key hotel, restaurant and conference centre was offered for sale for the first time since opening in 2005 by the syndicate that built it. ResortBrokers previously sold the 46-room Emerald Explorers Inn for the same syndicate in 2022.

Roma Explorers Inn was purchased by a syndicate headed by Judy and Damien Kennedy who formerly owned Longreach Motor Inn for 13 years and the 4-star boutique outback lodge Saltbush Retreat, also in Longreach.

“We’re delighted this iconic property has passed into such safe and expert hands,” says ResortBrokers Managing Director Trudy Crooks, who brokered the sale with local agent Jason Vogler.

“Judy and Damien are well known to ResortBrokers. We sold both their Longreach properties some years ago. Now, they’ve returned as purchasers. Judy and Damien are perfect for Roma Explorers Inn. They also understand the value of such a high-calibre accommodation asset in a relatively remote location that is unlikely to see any new competition at its level being built anytime soon.”

“After a long and successful run in Longreach, the Kennedys were not actively looking for a new accommodation venture and were effectively retired. But we maintained the connection, and once they understood the rare opportunity Roma Explorers Inn provided, we were able to present some ideas on how to structure a deal that worked for everyone. We were then able to make the introductions to enable the syndicate of investors to come together.”

“ResortBrokers is transacting more off-market deals than ever before. By tapping into our networks across the country, we’re able to match potential investors with exceptional operators who together have the means and experience to maintain and develop quality accommodation assets into the future.”

“The accommodation sector continues to enjoy a robust outlook, particularly in developing regions like South West Queensland. Tariffs are holding well at present, and occupancies will always be strong in great locations like Roma.”

Roma Explorers Inn is located on the Warrego Highway, about six hours’ drive northwest of Brisbane. Roma is the largest town and commercial hub of the Maranoa Region in South West Queensland, known for its resources, agriculture and cattle farming.

“Roma Explorers Inn is an exceptional asset,” says the Kennedys. “Properties of this scale and condition are few and far between. We really like the location and recognise Roma’s strengths. Guests are looking for a friendly, comfortable space with all the modern conveniences a traveller needs, including a cold drink and great feed. Our chef, who’s been with us for nearly a decade, is one of the best in the business. This is prime beef country, so we’ll have the best steaks available.”

“Having owned Longreach Motor Inn and Saltbush Retreat, we understand the occupancy drivers of the region as well as its enormous untapped potential. We’re excited to take the reins and will work to ensure Roma Explorers Inn continues as one of the best properties in regional Queensland.”