Iris Capital owner Sam Arnaout has listed three Melbourne hotels acquired in late 2020 as part of a $180 million portfolio from AccorInvest.
The ibis Melbourne, ibis Budget Dandenong and ibis Budget Fawkner are expected to trade for c$130 million.
They are being offered vacant, opening up prospective suitors to build-to-rent investors or student accommodation providers.
Proceeds will be tipped into Iris’ development pipeline, including Alice Springs’ Lasseters complex, earmarked for a c$100m revamp, and V&A or Victoria & Albert, in Broadbeach – the company’s maiden Gold Coast project.
“Our group has evolved considerably in the past couple of years headlined by major development projects in Newcastle and the Gold Coast,” Mr Arnaout said.
“With no intentions to expand in Victoria, it made sense to capitalise on investor interest and redirect the proceeds into the core focus and future of our business,” he added.
JLL’s Peter Harper, Nick MacFie and Simon Quinn are the agents.
The AccorInvest portfolio included 17 properties – 12 in Sydney (story continues below).
The Melbourne hotels
The CBD asset, on a 1504 square metre Capital City zoned block near Queen Victoria Market, is the priciest in the Arnout portfolio – with a c$100m guide.
At 15-21 Therry Street, with north facing view security staring down Bouverie, it offers 250 rooms – the bulk (160) being studios – meeting facilities, a restaurant and bar and basement car parking.
The Fawkner property, meanwhile, could fetch $16m; on 4139 sqm at 1401 Sydney Rd, on the north west corner of the Western Ring, it contains 103 suites and a dining room.
About $14m is expected for the refurbished Dandenong hotel at 185-193 Princes Highway, with 71 keys.
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