Leading agents Andrew Jolliffe and Dan Dragicevich of national boutique brokerage firm HTL Property have confirmed the sale last night of the iconic Hotel Steyne.
“We were tasked to run an international sale process for a very important piece of Australia’s hospitality history, and the prosperous outcome of the on market program reflects the level of interest garnered and generational value so inherent in this prestigious asset” commented HTL Property Managing Director Andrew Jolliffe.
“Multiple local, interstate and international investors vigorously challenged for the right to acquire this most unique of hospitality assets, and the winning bidder identified with the once in a lifetime opportunity to create asset class price history” advised Jolliffe.
The landmark and multi-level waterfront hotel, spread across approximately 2000sqm, was brought to market by high profile Vendors John Singleton, Robert Whyte, Arthur Laundy and Mark Carnegie.
“We are delighted to have acquired what is, on any fair test, Australia’s leading hotel property in the form of Manly’s iconic Hotel Steyne” commented Iris Capital founder Sam Arnaout.
“This positions our company, Iris Capital, as a genuine hospitality leader in this part of the world, and complements our macro coastal investment strategy in respect of similar landmark projects such as Newcastle’s $700m East End development, where we have proudly just announced Event Hospitality & Entertainments QT brand as our accommodation operator” said Mr Arnaout.
“Dealing with such wonderful businessmen like Arthur Laundy is always a thrill, and our young company now looks forward to taking the baton from him and furthering the vision he and his hugely successful partners originally envisaged at this irreplaceable property” concluded Mr Arnaout.
“We are very pleased to have represented our valued clients in relation to this watershed transaction, and submit that the asset class remains well financed, resourced and supported with deal participants such as those associated with the sale process” advised HTL Property National Director Dan Dragicevich.
Whilst confirming the unconditional sale of the Hotel Steyne, HTL Property would not be drawn upon the price paid by the successful party, other than to suggest market guidance was observed.
“We are always professionally reluctant to comment regarding specific deal metrics, other than to confirm the successful price extracted from the process was consistent with the pre-campaign expectation; and was supported by multiple short-listed parties” advised HTL Property National Director Dan Dragicevich. “When considering the sale of the Hotel Steyne in the context of our recent key transactions concluded in multiple states nationally this year, it remains our considered view that market strength and depth are not only positive, but also currently serve to embolden an already robust asset class” concluded Dragicevich.