Iris Capital acquires Hotel Steyne for a ‘record price’
Iris Capital group has acquired Manly’s Hotel Steyne for a record price of between $60 and $80 million, according to reports.
Sydney-based hotel baron Sam Arnaout’s group bought the iconic hotel from a consortium that comprises businessman John Singleton, hotelier Arthur Laundy and investors Robert Whyte and Mark Carnegie.
HTL Property’s managing director Andrew Jolliffe would not confirm the final price but said it reflected “the level of interest garnered and generational value so inherent in this prestigious asset”.
“Multiple local, interstate and international investors vigorously challenged for the right to acquire this most unique of hospitality assets, and the winning bidder identified with the once in a lifetime opportunity to create asset class price history,” he said.
Arnaout described the new purchase as “Australia’s leading hotel property”.
“Dealing with such wonderful businessmen like Arthur Laundy is always a thrill, and our young company now looks forward to taking the baton from him and furthering the vision he and his hugely successful partners originally envisaged at this irreplaceable property,” he said.
6th May 2019
