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.

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