HTL Property Close 2024 with Two Further Sydney Pub Sales

Following the fund’s acquisition last week of three freehold hotels in South East Queensland, HTL Property today confirms the sale by Redcape of two Sydney hotel assets in the form of the Cabramatta Hotel (Cabramatta) and El Cortez Hotel (Canley Heights).

The two hotels, exclusively negotiated by HTL Property Directors Andrew Jolliffe and Dan Dragicevich, have been successfully acquired by Iris Capital’s Sam Arnaout.

“Multi-dimensionally, and whilst Iris Capital operates on a national hospitality and development footprint; large format Sydney suburban hotels remain very attractive to our company” advised Iris Capital’s Sam Arnaout.

“Primarily because, and as evidenced by the combined 17000sqm of commercial property holding, the inherent capacity for the asset class to absorb approved development upside levers is largely unparalleled” added Arnaout.

Chris Unger, Redcape’s Managing Director said “the divestments will provide Redcape with capital to continue its redeployment into other opportunities in line with the Fund’s stated strategy.”

“Both hotels are well known large format multi revenue channelled businesses, with Cabramatta represented by two separate land holdings; and being the beneficiary of a recent planning gazettal which adds, materially, to the additional use options from a development perspective” commented HTL Property’s, Dan Dragicevich.

“The sale of these two Redcape Hotels brings the transaction window for 2024 to a prosperous close, and separately brings the consolidated Metro Sydney hotel sales dollar value to $1bn; in line with the record set in 2022, when markets of all persuasion rebounded positively” concluded HTL Property’s, Andrew Jolliffe.

HTL Property has managed 76% of all NSW pubs sales in 2024.

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