Sportsman Hotel in Blacktown sells for $23m

Iris Capital has acquired the Sportsman Hotel in Blacktown for $23.4 million in an off-market deal.

Paul Irvin Hotel Group has owned the Sydney hotel for 20 years and was finalising a development application to reposition the hotel which sits on a one-hectare site.

The latest acquisition by Sam Arnaout’s Iris Capital is their third Sydney transaction this year, with the Cambridge Tavern in Fairfield snapped up for $56 million and Manly’s Steyn Hotel bought for around $65 million.

JLL national director John Musca jointly managed the latest transaction, saying they still have a number of hotel transactions to announce before the end of the year “in what has been a manifestly active asset class”.

Sheridan Randall, 14^th November 2019