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Iris Capital Buys Sportsman’s Hotel in Blacktown

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Sam Arnaout’s Iris Capital has expanded its holdings in Sydney’s pub sector, buying the Sportsman Hotel in Blacktown for $23.4 million in an off-market deal.

The latest transaction adds to New South Wales’ busy hotel market sector.

The sale comes days after Moelis Australia backed Redcape Hotel Group sold its 114-year-old St George Hotel in Belmore for $47.1 million in Sydney’s south-west.

While the Raby Tavern and shopping centre, also in Sydney’s south west, changed hands for around $35 million, purchased by the De Angelis family, last week.

The Sportsman hotel, which had been owned by the Paul Irvin Hotel Group for 20 years, was in the midst of finalising a development application to reposition the hotel which covers a one hectare site.

▲ Iris Capital picked up Manly's Hotel Steyne in May this year for more than $60 million.
▲ Iris Capital picked up Manly's Hotel Steyne in May this year for more than $60 million.


JLL national director John Musca jointly managed the latest transaction.

“We still have a number of hotel transactions to announce before the year's end in what has been a manifestly active asset class,” Musca said.

Iris Capital purchased the Cambridge Tavern in Fairfield for $56 million earlier this year, and Manly’s landmark Steyn Hotel for around $65 million from a group of investors including industry veterans Arthur Laundy and John Singleton.

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Article originally posted at: https://theurbandeveloper.com/articles/iris-group-buy-sportsmans-hotel-in-sydneys-blacktown