Iris Capital extends N.T holdings through HTL

Following HTL Property's recent sale of Sydney's large format Strathfield Hotel to Sam Arnaout’s Iris Capital, the acquisitive investor has again significantly expanded his Northern Territory operations with the acquisition of three iconic pubs and two stand alone accommodation hotels.

Already the owner of the award winning Alice Springs Casino, Arnaout’s market shaping hospitality business has swooped to acquire the independently owned Gap Tavern, Todd Tavern, Diplomat Hotel, Mercure Hotel and Aurora Hotel; all situated in the developing city of Alice Springs.

"In addition to our Casino and Crown Plaza accommodation operation, the five asset roll up provides additional scale, and a clear platform to leverage human resource strategies and other synergies required to prosecute the high quality hospitality experience we are determined to deliver our clients in Australia's Northern Territory,” said successful Purchaser, Sam Arnaout, CEO of Iris Capital.

"We have worked closely with Sam and his team over a number of years to deliver upon these growth strategy objectives, and feel confident the five hotel assets acquired will benefit from both the expertise and strategic capital he plans to deploy,” said HTL Property Director, Brent McCarthy.

The materiality of the private investment by Iris Capital into the world famous Alice Springs mirrors the Government's own strategy to invest money into arts and other community projects in the tourism hotspot; underwriting the longevity and sustainability of the area's magnetism to both domestic and international markets.

“Like other destinations which enjoy the confluence of both tourism and infrastructure investment, Alice Springs is an important investment hub; and one which wholly warrants the astute investor interest it garners,” said HTL Property Director, Glenn Price.

The largest of the three pub transactions concluded by Iris, The Diplomat Hotel, has been sold by Darren Baker’s highly regarded Waratah Fund; which recently set the NSW regional record sale in the form of its $28m divestment of the Victoria Hotel in Wagga Wagga (also sold by HTL).

The sale by HTL Property to Iris Capital follows the specialist agency's recent sale of Darwin's Beachfront Hotel to the listed Endeavour Group (ASX:EDV); and takes place at a time when HTL are the exclusive agent representing another Northern Territory icon in the form of the inimitable Banubanu Resort on Yolgnu country in East Arnhem Land.