Endeavour, Iris snap up regional pubs
Sydney operators swooped on two regional pubs this week.
In the priciest deal, Mark Kennedy’s Endeavour Group is outlaying a speculated $27 million for the Five Islands Hotel at Cringila, near Wollongong.
On 2314 square metres, the asset was listed in April by Paddy Coughlan’s Ludlow Hotels, which paid the Gravanis brothers’ Oscars Hotels $20.7m 10 months earlier.
The property marked Mr Coughlan’s return to the sector after a year hiatus, and was to have been held in an opportunity fund co-controlled with US-based investors.
But with strong demand continuing for this sector this year, it was instead listed for a premium – initially, $30m, according to sources.
Renovated in 2020, which was also when its name changed from Cringila Village Inn (the pub was also previously known as the South Pacific Hotel), the property, 87-93 Five Islands Road, includes a bistro, beer garden and gaming room with 22 electronic gambling machines.
There are also 12 guest suites.
Iris eyes another trophy
Meanwhile, ex-rugby player Bill Young has sold the c1827 Wisemans Inn (pictured, top), on the banks of the Hawksbury River, at Wisemans Ferry.
On 5100 sqm at 5545 Old Northern Rd, 75 kilometres west of Sydney, the multi-level asset includes 11 guest suites – a mix of hotel and motel style – as well as a bistro, bar and gaming room with 12 EGMs (story continues below).
Sam Arnaout’s Iris Capital is the buyer for a speculated $10m.
The property adds to his list of trophy assets which includes, in Sydney’s Manly, the Ivanhoe Hotel and Hotel Steynes, and south west of the city, the Narwee Hotel.
In late 2020 the investor also picked up a portfolio of 17 traditional hotels from AccorInvest – which included a 230 room venue near Melbourne’s Queen Victoria Market.
In July, we reported Mr Arnaout acquired five Alice Springs venues, including the 3.5-star Diplomat Hotel in Gregory Terrace, and Todd Tavern, formerly known as the Riverside Tavern, and considered the city’s oldest pub.
Again in the Northern Territory capital, Mr Arnaout last October snapped up the Lasseters casino with plans for a c$100m extension and revamp of the entertainment and accommodation spaces.
This year, he acquired the second of Australia’s 13 casinos – the Casino Canberra, for $63m.
Iris has also ventured into the Gold Coast, recently winning permission for an $800m mixed-use village with two towers, the tallest rising 56 storeys, on the site of the ex-Niecon Plaza, at Broadbeach, south of Surfers Paradise.
HTL Property brokered the Five Islands and Wisemans Inn deals.
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