Grand Hotel to be sold for $7.2 million
By LEE McIVORlmcivor@gladstoneobserver.com.au
AFTER a tumultuous few months, Gladstone's Grand ol' lady is set to once again take centre stage in the CBD.
The Grand Hotel will be sold for $7.2 million, reinstating it as one of Gladstone's iconic landmarks.
Under administration since August, creditors were rumoured to have had two potential buyers for the site, and agreed at a meeting on Tuesday to accept an offer from a Queensland-based company.
While the final settlement of the property is yet to take place, administrator Robert Hutson said the new owners intended to continue with plans for the site which were lodged with the Gladstone City Council earlier this year.
The plans included an al fresco dining area at the front of the hotel, a nightclub and a 120-unit development.
'The sale price should be sufficient to pay out the creditors in full,' Mr Hutson said.
'The purchaser is a Queensland-based com- pany that has several other hotel properties throughout the state so they seem quite confident the gaming and liquor approvals will be forthcoming.'
The hotel went into administration in August after the owners decided the hotel was likely to become insolvent.
The public bar, gaming room, drive through and detached bottle shop have been trading as usual under the management of Michael Jones.