By Triana O'Keefe, editor Australian Hotelier

CBRE Hotels has today announced the off-market sale of the freehold of Grand Hotel (Cock & Bull), Bondi Junction.

The hotel was purchased by Sydney-based Iris Capital, continuing the group’s acquisition strategy of purchasing large format freehold hotels with future development potential.

Iris' Sam Arnaout told TheShout that given the recent investment landscape and the fact that A-grade hotels are coming to market less frequently, Iris was quick to act on the Bondi opportunity.

"With the hotel's strong trading potential, we are confident the asset’s mix-use opportunities will continue until our development plans come into fruition," he said.

CBRE Hotels' Daniel Dragicevich added: "We believe the sale reflects the continued buoyancy of the hotel investment market, and is the first time the Grand Hotel has been sold in over 30 years."

"It also caps off a watershed year for the NSW market with various large scale iconic hotels being sold by long term owners as well as a very active year for CBRE with over $150 million worth of hotels transacted in the last 6 months alone."

Industry sources suggested the property sold for in excess of $25 million.

The Shout Team

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

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