Sam Arnout’s Iris Capital has sold two regional New South Wales pubs.
Near Cessnock, the Kearsley Hotel freehold is trading for a speculated $1.5 million.
On 2023 square metres at 120 Caledonia Street – a gateway to Hunter Valley wineries – the c1922 asset includes a bistro, bar with TAB facilities, 15 guest suites and a three bedroom manager’s residence.
The buyers, mother and daughter Christine Iwaszkiewicz and Katerina Skarbek, intend to renovate.
Meanwhile at Condobolin – about 200 kilometres west of Orange – the Royal Hotel at 71 Bathurst Street has collected a speculated c$2m from local Max Jones.
On 1450 sqm abutting a council car park, and with two bars, a dining area and 20 guest suites, the c1939 art deco pub it is also mooted for a facelift.
Iris paid $1.75m in 2018.
“We’re pleased to have created an opportunity for forward thinking local operators to enter the tightly held pub market,” Mr Arnout said of the sales, both which were brokered by MQ & Associates’ Leonard Bongiovanni with Moore & Moore Real Estate’s Deane Moore.
“The impressive…prices achieved demonstrated that there’s plenty of interest in the sector,” the publican added (story continues below).
The sale of the Kearsley and Condobolin assets comes three weeks since we reported Iris Capital was planning a $100m revamp and extension of Alice Springs’ Lasseters complex.
Last year the group acquired 17 accommodation hotels from AccorInvest for c$180m.
Earlier this week, hospitality group Solotel paid $64m for Rooty Hill’s Carousel Inn.
That seller, the Stamford family, had not long earlier banked $70m from the Vineyard Hotel, also in Sydney.
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