Private investment groups Iris Capital and Mark Kennedy’s Endeavour Hotel vehicle have expanded their portfolios with the purchase of two regional pubs as demand for the sector shows little sign of abatement.
In the past week, veteran hotelier and former Wallaby player Bill Young has continued the shake-up of his business with the sale of the 1827-year-old heritage-listed Wisemans Inn Hotel to Sam Arnaout’s Iris Capital, for about $10 million.
The sprawling inn sits on 5100 square metres of land, with views of the Wisemans Ferry waterway, and comes with the usual public bars, bistro, gaming machines, and 11 accommodation rooms.
The Five Islands Hotel was sold by Ludlow Hospitality fund.
It has been owned by Young Hotels for nearly 20 years, but the family has been readjusting the portfolio with the recent purchase of Bar Broadway in Chippendale for $36 million and the sale in May of his Friend in Hand hotel in Glebe.
Arnaout says he intends to take advantage of the development in Wisemans Ferry and the surrounding area, which includes the $150 million Wisemans Surf Lodge.
HTL Property advised on the Wisemans Inn sale with managing director, Andrew Jolliffe saying the sale takes place at a time in the hospitality indexed property market where 2022 has recorded the highest number of sales by both volume and dollar value quantum.
“Consolidated sales will comfortably exceed $2 billion nationally this calendar year, and our assessment of the transaction-based look through to December is prosperous for all industry stakeholders,” HTL Property national director, Dan Dragicevich added.
In another deal through HTL Property’s Sam Handy, Dragicevich and Jolliffe, Ludlow Hospitality Fund, founded by veteran hotelier Paddy Coughlan, sold the refurbished Wollongong-based large-format Five Islands Hotel to Kennedy’s Endeavour Hotels. No price was disclosed, but similar deals have reaped about $27 million.
“Ludlow investors are pleased with the process run by HTL and the resultant outcome on the Five Islands Hotel campaign,” Coughlan said.
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