Iris buys another Manly hotel
Iris Capital is paying a speculated $57 million for The Ivanhoe Hotel in Manly.
The deal comes two months since the group spent $45m – a 2020 record pub price – for Narwee Hotel, across town.
Its latest venue, 27 The Corso, in a popular retail strip, was offered by the Peterson family after 36 years.
HTL Property’s Dan Dragicevich and Andrew Jolliffe were the agents.
Elsewhere in Manly, Iris holds Hotel Steyne, which cost $65m in 2019 and underwent a multi-million dollar renovation last year.
“Given our existing and long hold investment strategy already within the area, The Ivanhoe Hotel property enjoyed the benefits of our attention and desire to contribute more broadly to the precinct and the continued creation of enhanced local place branding; where everyone prospers,” chief executive officer Sam Arnaout said (story continues below).
“Having just taken the reins on Narwee Hotel this week this provides further evidence 2021 is going to be a big year for the group”.
Earlier this month Iris acquired Rafferty’s Resort at Cams Wharf.
The Peterson family meanwhile still hold Port Douglas pubs The Court House and Central Hotel.
About eight years ago it sold Laundy Group the Plumpton Hotel in Sydney’s Glendenning.
