1. 195 Year Old Sydney Waterfront Hotel Sold
Following the recent acquisition of Sydney’s Bar Broadway Hotel for $36m, HTL Property proudly confirms today that popular hotelier Bill Young has sold his sprawling Wisemans Inn Hotel to Sam Arnaout’s Iris Capital juggernaut.
The large format hotel adorning a 5100sqm land holding and positioned with gun barrel views of the picturesque Wisemans Ferry waterway since 1827, has been owned by Young Hotels for nearly 20 years.
The off-market sale was negotiated by HTL Property’s Andrew Jolliffe and Dan Dragicevich and follows a number of big ticket sales by the leading national agency.
“Recent development plans for considerable private investment in Wisemans Ferry and the surrounding area, including the extraordinary $150m Wisemans Surf Lodge, are illustrative of the capacity for Sydney fringe assets to enjoy significant incremental revenue inflows” advised HTL Managing Director, Andrew Jolliffe.
“Our client has been closely managing its portfolio of hotels, actioning as many acquisitions as it has divestments, and is typical of our broader client base which continues to be agile” Jolliffe added.
“Separately, and on the buy-side, Sam Arnaout’s Iris Capital has demonstrated a deliberate approach to augmenting a balance sheet which now includes significant residential tower developments, traditional and accommodation hotels, casinos and multiple agricultural investments” Jolliffe concluded.
The sale of the Bill Young’s Wisemans Inn Hotel to Sam Arnaout’s Iris Capital 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 $2bn nationally this calendar year, and our assessment of the transaction based look through to December is prosperous for all industry stakeholders” commented HTL Property National Director, Dan Dragicevich.
2. Ludlow Sells to Endeavour
Following the leading firm’s sale announcement yesterday of Bill Young’s Wisemans Inn Hotel to Sam Arnaout’s Iris Capital, HTL Property today confirms the sale of Wollongong’s large format Five Islands Hotel.
Owned by the Ludlow Hospitality Fund, founded by well-known hotelier Paddy Coughlan; the recently refurbished hotel has been purchased by the highly regarded Sydney based investor Mark Kennedy, via his Endeavour Hotels vehicle.
The on-market sale campaign was managed by HTL’s Sam Handy, Dan Dragicevich and Andrew Jolliffe.
“Ludlow investors are very happy with the process run by HTL and the resultant outcome on the Five Islands Hotel campaign” commented Ludlow Hospitality founder, Paddy Coughlan.
“In addition, we wish Mark and his team every future success with a hotel now positioned to enjoy the benefits of the surging population base in the Illawarra region” Coughlan added.
The prominent 2314sqm hotel property, complete with a 24hr liquor licence and 22 very valuable electronic gaming machines, was discreetly acquired by Coughlan’s Ludlow vehicle in June 2021 when it purchased the asset from Oscars Hotels.
“Not surprisingly, we enjoyed multiple offers to purchase the Five Islands Hotel; with the majority of the interest coming from Sydney investors looking to take strategic positions in growth corridors radiating outwards from the traditional metro core” advised HTL Property Director, Sam Handy.
Having recently transacted upon both the North Nowra Tavern ($23.15m) and the Corrimal Hotel ($32.5m), the sale of the Five Islands Hotel represents HTL Property’s third large format Illawarra region hotel asset sale this year.