Bill Young has continued the house shake-up, selling his long-held Wisemans Inn Hotel to Sam Arnaout’s expanding Iris Capital empire.
The large-format Hotel was built by British convict Solomon Wiseman, who after being pardoned received a grant of 200 acres, around 1819, at the site of what is now known as Wisemans Ferry.
Built 1827, the heritage Hotel occupies a sprawling 5,100sqm of land, with views of the picturesque Wisemans Ferry waterway, offering public bars, bistro, gaming with 12 PMEs, and 11 accommodation rooms.
It has been owned by Young Hotels for nearly 20 years.
The precinct and surrounding area are set to see considerable private investment, as per recent development plans such as the $150 million Wisemans Surf Lodge adjoining the Hotel, stimulating greater tourism activity and overnight visitation.
Recognising its potential in the right hands, Young sought a buyer off-market, finding a reported $10 million result with Iris.
“The unique asset’s value is underwritten by a combination of the captive hotel audience it enjoys, the value of PMEs, quality and history of revenue attraction and land size with surplus opportunities,” offers HTL Property’s Dan Dragicevich, who brokered the deal with colleague Andrew Jolliffe.
Agents report national hotel sales will again exceed $2bn this calendar year, which has been assisted by the frenetic activity of pub-developer Iris, as seen in acquisitions such as Lasseters plus five complementary hospitality businesses in Alice Springs.
Former Wallaby veteran Bill Young has undertaken a slightly different approach, effectively exchanging ownership of the Wisemans Inn and his Friend in Hand Hotel in Glebe, sold in May, for one considerably larger, CBD operation, in purchase of Sydney’s Bar Broadway Hotel for around $36 million.
“Our client has been closely managing its portfolio of hotels, actioning as many acquisitions as it has divestments,” adds Jolliffe.
“[This] is typical of our broader client base, which continues to be agile.”
