Jones Lang LaSalle Web Site - February 21, 2007
Jones Lang LaSalle Hotels is delighted to announce the sale of the Iris Hotel Group on a sale and leaseback basis to T W Hedley Pty Ltd for approximately $300 million. John Musca, Senior Vice President, Jones Lang LaSalle Hotels, was the exclusive agent who negotiated the transaction.
The portfolio sale included The Cabramatta Inn, Eastwood Hotel, Canterbury Hotel, Revesby Pacific Hotel, Bankstown Club Hotel, Wattlegrove Club Hotel, Mount Annan Club Hotel, Campbelltown Club Hotel and Leumeah Club Hotel. Iris will retain ownership of four other hotels in the Group.
“With over 34,500m2 of land area across the portfolio, the nine hotels also include a number of DA’s for further development and/or box-format retail liquor opportunities,” said Mr Musca.
The Hedley Group acquired the hotels with 45-year leases in place and will retain the ownership of the hotel licenses and 238 gaming machines at the venues. “The sale highlights the continued corporatisation of Australia’s pub investment market and demonstrates the value the financial markets place in the separation of the freehold assets and income streams,” said Mr Musca.
Investment activity in Australia’s pub market continues to maintain its strong momentum. Unprecedented levels of transaction activity and investor interest were reported in both NSW and Queensland during 2006, surpassing sales activity recorded during 2005.
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