The Area Hotel has been sold.
The pub on Banna Avenue, operated by a private syndicate, was put up for sale in March, with a deadline of April 4 for offers.
Initial estimates put the value of the hotel at "upwards $8 million", however the final price paid was not revealed.
Four genuine offers were received by HTL Property - and Griffith publican and investor Jim Knox will become the new owner.
The property encompasses 1293 square metres and the hotel boasts an annual turnover of $4.5 million, a 3am trading licence and 23 gaming machines.
The gaming room is rated as the fourth strongest in the Riverina behind the Kooringal Hotel and Victoria Hotel in Wagga, and the Gemini Hotel in Griffith.
HTL Property director Blake Edwards said the hotel's sale was "fiercely contested" and completed within a week of the advertising campaign finishing.
Shareholder and local AHA delegate Jason Torresan said that syndicate members were "extremely pleased" with the outcome.
"We have owned the hotel for over 15 years, so the sale is a mixture of emotions for us, but we're delighted with the result and excited to see the incoming operator build upon the platform we have left behind," Mr Torresan said.
Mr Edwards said the sale of the Area followed several significant regional hotel sales including Dubbo's Amaroo Hotel for $9.1 million, Orange's Ophir Tavern for $6.2 million and Maitland's Belmore Hotel for $8.8 million.
Mr Edwards said there was interest from metropolitan pub operators looking for opportunities for pubs in regional areas.
"Regional pub prices are now as high or higher than those reached prior to the global financial crisis some 10 years ago," he said.
"This accretion of value is being achieved via a combination of strong cap rates on country pubs and the relatively low entry point when compared to metropolitan assets."
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