Iris Capital has bought its second major pub in Manly in as many years, with the acquisition of the Ivanhoe Hotel.
The hotel was sold off-market by the Peterson family, who have owned the Northern Beaches pub for 36 years.
“The Peterson family are proud to have served the Manly community for almost four decades and it’s now time for another family to take the reins of the Ivanhoe Hotel Manly. We leave the Ivanhoe in the very capable hands of Sam Arnaout and his family,” stated Tim Peterson.
The Ivanhoe Hotel is located in the middle of Manly’s famed Corso, and has a double-fronted mantle. The off-market campaign for the centrally-located pub was managed by HTL Property’s Andrew Jolliffe and Dan Dragicevich. None of the parties involved would be drawn on the price of the transaction, but speculation suggests it is in the $55-60 million range.
With the acquisition of the Ivanhoe Hotel, Iris Capital strengthens its hold on the Manly pub scene, having purchased Hotel Steyne off Arthur Laundy, John Singleton and associates in 2019. The hotel underwent a major renovation during the March lockdown last year.
“With an almost paranoid level of attention, we are constantly reviewing our capital application strategy, and we do so to ensure absolute flexibility in order to rapidly activate upon any criteria-match opportunities in the market,” Iris Capital’s CEO Sam Arnaout.
“Given our existing and long hold investment strategy already within the area, The Ivanhoe Hotel property enjoyed the benefit of our attention and desire to contribute more broadly to the precinct and the continued creation of enhanced local place branding; where everyone prospers.”
While Iris Capital won out in the race to secure a second Manly pub, Dragicevich said the area is drawing keen interest from operators looking to capitalise on the its inherent tourism market.
“Whilst there exists some clear synergistic benefits to Iris Capital’s acquisition of the Ivanhoe given its proximity to other holdings within the stable, the opportunity really did present some never-to-be-repeated fundamentals in a tourism business precinct that has seen extraordinary visitation growth over the past few years and consequently appealed to numerous parties.”