Sydney’s Hotel Steyne has changed hands between high-profile vendor and buyer, transacting for more than $60 million, in a passing of the baton for the Manly waterfront asset.
Private hotel group Iris Capital, led by Sam Arnaout purchased the popular northern beaches pub, which sits across approximately 2000sq m, at 75 The Corso.
“This positions our company as a genuine hospitality leader in this part of the world, and complements our macro coastal investment strategy,” Arnaout said.
Last week, Iris Capital also announced plans for a new hotel amid its $700 million Hunter Street mall redevelopment in Newcastle. The Manly acquisition marks Aranout’s fifth pub purchase within a 12-month period.
“Dealing with such wonderful businessmen like Arthur Laundy is always a thrill,” Arnaout said.
“And our young company now looks forward to taking the baton from him and furthering the vision he and his hugely successful partners originally envisaged at this irreplaceable property.”
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Industry veterans, the Singleton, Whtye, Laundy and Carnegie consortium, originally purchased the Hotel in 2010 for a reported $27 million.
Agents Andrew Jolliffe and Dan Dragicevich of HTL Property, who brokered the deal, said the asset received interest from multiple local, interstate and international investors.
Commenting on the market in light of HTL Property’s recent transactions, Dragicevich said market strength and depth was “not only positive” but “currently serves to embolden an already robust asset class”.