Iris Capital has entered the Queensland hospitality market with the acquisition of a pub and three bottle shops on the Gold Coast.
Joining the predominantly Sydney-based Iris portfolio is the Envy Hotel at Broadbeach on the Gold Coast, as well as Cellarbrations Broadbeach, Cellarbrations Burleigh Heads and Cellarbrations Surfers Paradise.
Envy Hotel is located in a prime position in Broadbeach Mall, and has bars, gaming, a lounge, a bistro, a nightclub and hosts live music.
Iris, which was founded in 1995, initially focused on purchasing hospitality assets in Sydney’s fast growing southwest corridor and by 2006 had acquired 13 hotels. These days group owns and operates over 50 hospitality venues.
The group also owns Lasseters Hotel Casino in Alice Springs, which is about to be expanded to include additional accommodation, a rooftop bar and large swimming pool in a $70m project, and in 2020, Iris bought the Australian 17-hotel ibis portfolio from AccorInvest in a $180 million transaction.
In recent years, Iris has also expanded into integrated residential and mixed-use developments including Queensgate in Sydney’s Potts Point, and East End in the centre of Newcastle.
Another major development is set to kick off in Broadbeach, Gold Coast, where Iris has just received council approval on a $800 million development mega-development – the group’s first in the Sunshine State.
The project, called V&A Broadbeach, is located on the site of the Niecon Plaza, and will include almost 400 apartments spread across two towers of 56 and 40 storeys each.
More Iris developments are in the works at Coffs Harbour, Manly and Surfers Paradise.
