ING eyes WA pub market

ING Real Estate Entertainment Fund is expected to make its first entry into the Western Australian market with the purchase of Geoff Hayward’s The Brisbane Hotel.

Industry sources have told WA Business News that ING’s Entertainment Fund had acquired the freehold for the pub, but the transaction is yet to settle.

It is understood Mr Hayward will still be involved in the pub’s operation, with ING’s Entertainment Fund focused on owning hospitality assets rather than managing pubs.

Mr Hayward is currently overseas and was unable to be contacted.

An ING spokesman would not comment on the transaction.

The acquisition of the fashionable Brisbane Hotel would mark ING’s first foray into the WA hospitality sector following a year of aggressive growth on the eastern seaboard.

Since January, the ING fund has acquired 27 properties which were worth $191 million at July 31.

Earlier this year, Mr Hayward sold popular Highgate nightspot Luxe to the venue’s managers Michelle Mok and Andy Freeman.

At the time, Mr Hayward said he had some new projects in the pipeline but would first take off to Europe “to recharge and gather more inspiration”.

“I’ll be ready to make my next move in the second half of 2007,” Mr Hayward said in March.

Mr Hayward bought the more than 100 year old pub in 2004 and spent several months and a lot of money renovating the run down venue on the corner of Brisbane and Beaufort streets.

The renovation included developing a resort-like beer garden that has become a popular place to relax with a pint of beer for many local residents and nearby office workers.

ING own about 40 pubs spread across New Zealand and the east coast, including The Bourbon in Sydney’s Kings Cross, as well as The Dolphin Hotel in Surry Hills.

The ING fund had total assets under management of $394 million at the end of June.