Suburban New South Wales hotel sells for $34 million

In the Sydney suburb of Drummoyne, the Iris Capital Group has sold the Oxford Hotel to private operators Michael Wiggins and Joanne Cassar for $34 million. The sale is the second-largest gaming hotel transaction of the year, following the $40 million sale of the Oasis on Beamish in Campsie in May.

Wiggins and Cassar will fund the purchase of the Oxford Hotel through the $19 million sale of their pub, the Royal Exhibition, in Surry Hills.

The Oxford Hotel was sold by Jones Lang LaSalle Hotels & Hospitality Group, in conjunction with CBRE Hotels and JLL also advised on the sale of the Royal Exhibition.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

According to The Shout, the hotel recently emerged from a $4 million renovation and the sale also includes an adjacent retail property.

 

Suggested Articles

Should all new hotels open as scheduled in the next two years, Europe's current count of 2,885,630 guestrooms will grow 7 percent.

The Meliá Varadero Internacional Hotel's first rooms opened in February, and new services and facilities have soft-opened since then.

A new report shows an uptick in the value of mixed-use property deals in H1.