By LEE McIVORlmcivor@gladstoneobserver.com.au
REED Property Group has been announced as the buyer for the Grand Hotel.
Managing director Ken Reed said the Grand would continue operating as normal until regulatory approval for the transfer of the liquor and gaming licences was obtained.
"We will be commencing work on some extensive upgrades to the hotel as soon as the purchase is finalised,' Mr Reed said.
'Part of the upgrade includes the provision of an internationally branded accomodation complex on the balance of the site.'
Mr Reed said the plans would include upgrades to existing amenities and the inclusion of an al fresco dining area at the front of the hotel.
'From the first time we visited the hotel we instantly recognised the charm and potential of the site,' he said.
'We are particularly excited by what we'll be able to achieve in Gladstone over the coming 12-18 months.'
Mr Reed said the Reed Property Group has been steadily expanding its Queensland wide network of hotel interests.
'The purchase of the Grand allows us to add significant improvements to what is already a signature property in Gladstone,' he said.
The Reed Property Group is based on the Sunshine Coast and in recent years have developed specialist skills and expertise in hotel development and management.
The Group has recently completed construction of the award winning Chancellor Tavern on the Sunshine Coast.
The company also owns hotels in Townsville and Hervey Bay and is currently undertaking the old Big Top site urban renewal project in Maroochydore.
The Reed Property Group's latest project is the $80 million Ramada Pelican Waters development which will open in December and be Ramada's flagship Australian hotel.