HOTEL broker Terry Board expects a decision to be made on the possible sale of the Allansford Hotel in the next week.
Expressions of interest in the hotel closed on Thursday.
Mr Board, of TJ Board and Sons, estimated the value of the hotel and accompanying 10 motel units at about $1.5 million.
“It cost $1 million to build the motel units and laundromat so at $1.5 million I would have thought that was pretty cheap,” he said.
“There has certainly been some interest and we’ll just have to go through those offers.
“I would expect a decision to be made in the next week or so.”
Mr Board said the hotel, known by locals as The Junction, was for “sale lock, stock and barrel”.
“There has been interest in leasing the business but there’s also interest in the operation as a whole,” he said.
The hotel includes a public and lounge bar, bistro, central kitchen, function room and three-bedroom residence upstairs.
Mr Board also said the possible sale of the Cally Hotel in Warrnambool had been a lengthy process.
“It is dragging on but we do have two parties we are continuing to talk to,” he said.
Mr Board previously put a potential sale price of $2 million on the Cally Hotel.
“It would be accurate to say we are a fair way from where we want to be. You could have got $2 million a couple of years ago but it’s difficult in today’s market. The offers are not as high as that,” he said.
