IRIS Capital and Gallagher Hotel Management have bought a pub each in Sydney for a total of $65 million, in the biggest pub transaction in Sydney for six years.
Iris Capital has bought the Tiger Bar Hotel in Hurstville in Sydney’s south from Gallagher Hotel Management, which acquired it two years ago for $28 million.
At the same time, Iris Capital has sold the Hunters Hill Hotel to Gallagher Hotel Management. The deal includes a 120 bay car park on a 5,000 sqm site, which was sold with approval for an apartment development.
The transactions were negotiated by JLL Hotels & Hospitality’s John Musca, who said it was the biggest pub deal in Sydney for six years.
Australian Property Journal