Iris Capital buys Strathfield Hotel sells for circa $80M
Sam Arnaout’s Iris Capital has paid around $80 million to buy the Strathfield Hotel in Sydney’s west from the Whelan family.
The hotel sits on the corner site adjacent to Strathfield train station and has close to 30 pokie machines on the premises.
“We are particularly excited about this purchase given not only the privilege to take stewardship from the highly regarded Whelan family after 100 years of ownership, but also because my own family share such an affinity with the hotel and area,” Arnaout said in a statement on Friday.
The off-market sale of the Strathfield Hotel attracted a large amount of interest from institutional and private investor groups and was negotiated by HTL Property.
The three-storey hotel has a restaurant, multiple bars, gaming and accommodation areas over a 2000sqm footprint.
The site has a Development Approval for 60 residential units to be built at the rear of the property.
“We often see market interest piqued for generational hospitality assets which also contain the optionality for further enhancement, such as substantial residential development levers or other alternative uses,” said Dan Dragicevich, HTL Property National Director.
“Hence there was considerable market attraction to an asset which embodied practically all the fundamentals so readily sought by astute asset class participants,” Dragicevich said.
Irit Jackson, 4th July 2022
