Wagga pub icon Romano's has been sold after less than three months on the market.
The Wagga-based Oates family, led by father Murray Oates and his son and daughter-in-law Mathew and Lauren, are behind the purchase of the pub.
It hit the market in February, five years after it was snapped up by a Sydney owner, and according to industry sources changed hands in this sale for just over $6 million.
The Oates family currently own catering and hotel businesses in Leeton, Wagga, Junee and Holbrook.
"We are delighted with the purchase and look forward to taking over the operation very soon," Mathew Oates said.
"We intend to bring the hotel back to a traditional style pub that concentrates on good service, good food and good times."
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Blake Edwards and Sam Handy, the directors of HTL Property Directors which also managed the recent sale of Sporties, managed the sale of Romano's through an on market expression of interest campaign.
It produced 12 on-site inspections and seven strong offers to purchase by the close of the sale process timeline.
"We have been frankly blown away by the strength of the market, and depth of appetite from buyers for regional hotels in the first three months of 2021," Mr Edwards said.
"Each year balance sheets become stronger and stronger whilst conversely, quality pub opportunities become scarcer and scarcer."
The well-known hotel features a bar, bistro, large beer garden, several spacious function rooms, gaming room with 15 entitlements and over 45 accommodation rooms.
Current shareholder and licensee Belinda King said Romano's Hotel has gone through a massive transformation over the last five years.
"It's now time for us to hand over the reins so we can all focus on other commitments," she said.
"I'm sure the Oates family will guide Romano's through the next era with great success and ensure Romano's Hotel remains a Wagga icon."
Mr Handy said the sheer volume of regional sales concluded has made new pub listings scarce, and consequently there is a supply imbalance.
"Accordingly, we would encourage anyone contemplating an asset exit to reach out and have a discussion\ with one of our specialist team," he said.
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