With the first seven weeks of the new year already producing significant national hotel sales for leading brokerage house HTL Property, the boutique firm today announces its 10th transaction already for 2021; with confirmation of the sale of the Northern Peninsula’s statuesque Ivanhoe Hotel on Manly Corso.
With HTL’s other sales so far this year including the Byron region’s Lennox Hotel, Brisbane’s Alliance and Sydney’s General Gordon, the imposing addition of the magnificent large format Ivanhoe Hotel provides the market with a clear indication of confidence and depth.
Owned for 36 years by the highly respected and discreet Peterson family, the hotel operates over 3 immaculate trading levels; and holds a prominent and double fronted mantle in the middle of Manly’s effervescent Corso.
“The Peterson family are proud to have served the Manly community for almost four decades and it’s now time for another family to take the reins of the Ivanhoe Hotel Manly. We leave the Ivanhoe in the very capable hands of Sam Arnaout and his family” commented Peterson.
Purchased off market by the enigmatic and Sam Arnaout led Iris Capital, the acquisition adds to the group’s local stable which includes its record setting acquisition of the nearby Hotel Steyne. Itself the beneficiary and recipient of a recent multi-million dollar and entirely transformative renovation during the CV-19 shut down period.
“With an almost paranoid level of attention, we are constantly reviewing our capital application strategy, and we do so to ensure absolute flexibility in order to rapidly activate upon any criteria-match opportunities in the market” advised Iris Capital’s Sam Arnaout.
“Given our existing and long hold investment strategy already within the area, The Ivanhoe Hotel property enjoyed the benefit of our attention and desire to contribute more broadly to the precinct and the continued creation of enhanced local place branding; where everyone prospers” concluded Arnaout.
Exclusively managed by leading agents and HTL Property founders Dan Dragicevich and Andrew Jolliffe, the entirely off-market campaign is an early favourite for 2021’s biggest national deal of the year.
“We strategized heavily with regard how best to present such a material and well known commercial property holding, one which has enjoyed such a long and robust history as a huge cash flow generating hospitality asset” advised HTL Property National Pubs Director, Dan Dragicevich.
“Whilst there exists some clear synergistic benefits to Iris Capital’s acquisition of the Ivanhoe given its proximity to other holdings within the stable, the opportunity really did present some never to be repeated fundamentals in a tourism business precinct that has seen extraordinary visitation growth over the past few years and consequently appealed to numerous parties” added Dragicevich.
With the national hospitality platform showing an indefatigable resistance during what was an entirely challenging 2020 period, HTL Property believes the path forward looks prosperous for commercial property indexed to A grade hospitality offerings.
“When we analyse the successful buyer profiles across the deals we have recently concluded, the commonality all these deals share is that experienced operators with determined capital deployment strategies are winning the race to these one in 50 year asset opportunities” commented HTL Property Asia Pacific Director, Andrew Jolliffe.
“The fact that successful parties are doing so in an interest rate environment the lowest on record, and with the functional ability to move so incredibly quickly in order to get both to and across the deal table, is a theme not challenged by mutual exclusivity” Jolliffe concluded.
HTL Property would not be drawn upon as to the price paid.
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