The Iris Hotel Group
The Iris Hotel Group has grown to be one of the great success stories of Sydney’s pub industry. “In a period of only four years the Group has amassed what is considered to be one of the strongest retail liquor and gaming hotel portfolios in NSW,” said Mr Musca. He added, “Most of the Group’s venues offer 24-hour or extended trading hours.” The portfolio sale included The Cabramatta Inn, Eastwood Hotel, Canterbury Hotel, Revesby Pacific Hotel, Bankstown Club Hotel, Wattlegrove Club Hotel, Mount Annan Club Hotel, Campbelltown Club Hotel and Leumeah Club Hotel. Iris will retain ownership of four other hotels in the Group. “With over 34,500m2 of land area across the portfolio, the nine hotels also include a number of DA’s for further development and/or box-format retail liquor opportunities,” said Mr Musca. The Hedley Group acquired the hotels with 45-year leases in place and will retain the ownership of the hotel licenses and 238 gaming machines at the venues. “The sale highlights the continued corporatisation of Australia’s pub investment market and demonstrates the value the financial markets place in the separation of the freehold assets and income streams,” said Mr Musca. Investment activity in Australia’s pub market continues to maintain its strong momentum. Unprecedented levels of transaction activity and investor interest were reported in both NSW and Queensland during 2006, surpassing sales activity recorded during 2005. “The outlook for 2007 suggests yet another strong year in regards to sales volume and number of transactions,” said Mr Musca.
Tags: The Iris Hotel Group
Comment on "The Iris Hotel Group"
