195 Year Old Sydney Waterfront Hotel Sold by HTL
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.
HTL Property, 12th September 2022
