Compass Hotels for sale

Compass hotels are set to be put on market

Compass collapsed in March after financier St George Bank called in receivers to recover debts of more than $100 million.

Receivers for failed Perth pub owner Compass Hotel Group say they have received strong interest in the sale of the collapsed firm's 12 licensed premises.

Taylor Woodings today announced that it had appointed CB Richard Ellis Jones and Lang LaSalle Hotels jointly as agents to provide for the sale of the groups pubs, which includes Lakers Tavern, Gosnells Hotel, the Albion Hotel, the Carine Glades Tavern, the Greenwood Hotel and the Brighton Hotel, among others.

Receiver Ian Francis said he had already received significant interest in the assets and a marketing campaign for the sale would begin by the middle of next month."The pubs continue to operate on a business-as-usual basis ensuring the value in the operations is maintained," he said.

CB Richard Ellis Hotels senior director David Kennedy said the group comprised a big slice of the Perth metro pub/tavern market with some of the best trading premises.

"Pub/tavern buyers have been starved of good hotel product over the past three years due to the Compass purchase (in 2007) and we are aware of the demand for each of the 12 premises because of the many inquiries made to us in anticipation of sale in one line, piecemeal or individually," he said.

Mr Francis said the group's employees would not be affected by the sale and the receivers would keep staff and key stakeholders informed of its progress.