By Clyde Mooney – editor Australian Hotelier

Growing hotel group Iris has snatched up a Coles pub in the country’s biggest gaming district for nearly $23 million. 

Located in the Bankstown precinct’s Golden Mile, the Palms Hotel ranked number 33 in last September’s Top 200 gaming venue list, and is just six kilometres from Laundy’s list-topping Twin Willows. 

Iris’ Sam Arnaout has previously stated that the Group’s ongoing strategy is to acquire assets to which it can ‘add value’ – whether through operations or site maximisation. 

The Palms is in close proximity to Homebush stadiums, and boasts 25 EGMs, a 24-hour licence and 33 hotel rooms on its sprawling 12,000 square metre site, with prior established DA potential for expansion. 

Arnaout would not comment on the acquisition, brokered by Jones Lang LaSalle’s Sam Handy and John Musca, but has previously confirmed an interest in gaming venues.  

“History shows that the resilience and growth of gaming revenues as a key business driver in this asset class continues to uniquely represent a sound risk-mitigation and growth investment strategy,” Arnaout revealed in a recent interview. 

It was also revealed yesterday that Coles similarly off-loaded the Central Coast’s Long Jetty Hotel to Peter McDougal for close to $5 million, through CBRE’s Joel Fisher and Daniel Dragicevich. 

Coles operates nearly 100 pubs, and the sales are representative of the re-shuffle the supermarket giant has described as “keep[ing] our property network under review to ensure we have the best portfolio for our business”.

Sources have revealed to TheShout that more sales are expected in the next three to six months. 

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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