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.
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.