One of billionaire hotelier Sam Arnaout’s regional NSW hotels, complete with an approved DA to develop the site into a residential tower, has come to market.
The property at Coffs Harbour, about 500km north of Sydney, is one of two Ibis Budget hotels owned by Arnaout’s Iris Capital being sold.
The other is at Dubbo, about 400km west of the NSW capital. They are being offered as in-one-line or individually.
Iris Capital who acquired the hotels as part of the 17-asset AccorInvest Portfolio in 2021.
“Our group has evolved considerably in the past couple of years headlined by major development projects in Newcastle and the Gold Coast,” Arnaout said.
“It made sense to capitalise on investor interest and re-direct the proceeds into the core focus and future of our business.”
JLL Hotels & Hospitality’s Andrew Langsford, Nick Roche and Taylor O’Brien are marketing the properties via an expressions-of-interest campaign.
The Ibis Budget Coffs Harbour features 70 guest rooms, reception, restaurant, outdoor swimming pool and onsite parking and is within the Coffs Harbour CBD and close to the Pacific Highway and Harbour Drive.
The property has a development application before the Coffs Harbour City Council to redevelop the 3205sqm freehold site.
Proposed is a mixed-use development comprising 98 apartments in one, two and three bedrooms, 137 carparking spaces and one commercial unit.
The development application was lodged by Iris Hotels Coffs Harbour Property—its director is Sam Arnout, who has an estimated worth of $2.3 billion.
The Ibis Budget Dubbo comprises 65 guest rooms, reception, restaurant, swimming pool and onsite parking.
Both properties are managed by Accor, however, vacant possession is available upon sale.
Begun in 1995, Iris Capital had by 2006 acquired 13 hotels. Its holdings include Ibis hotels in NSW, Queensland and the ACT, including Canberra, Fawkner, Dandenong, Brisbane Airport, Newcastle, St Peters, Enfield, Wentworthville, Liverpool, and Campelltown.
It also holds 35 pubs and two casinos, in Alice Springs and Canberra. Iris has residential developments in Queensland and NSW in its pipeline, including Potts Point.