Property Development

Hotel Steyne Sells to Iris Capital for $60m

Written by The ReReport
As seen in the Source link, written by theurbandeveloper.com on 2019-05-09 13:54:08

Sydney’s Hotel Steyne has changed hands between high-profile vendor and buyer, transacting for more than $60 million, in a passing of the baton for the Manly waterfront asset.

Well-known vendors John Singleton, Robert Whyte, Arthur Laundy and Mark Carnegie offloaded the three-level hotel, one of Manly’s oldest buildings.

Private hotel group Iris Capital, led by Sam Arnaout purchased the popular northern beaches pub, which sits across approximately 2000sq m, at 75 The Corso.

“This positions our company as a genuine hospitality leader in this part of the world, and complements our macro coastal investment strategy,” Arnaout said.

Related: John Singleton Sells Bondi Icebergs Restaurant Lease