By Andy Young
The Iris Capital Group has sold the Oxford Hotel in Drummoyne to private operators Michael Wiggins and Joanne Cassar for $34 million.
The hotel recently underwent a $4m renovation and the sale is the second largest gaming hotel transaction of the year following the $40m sale of the Oasis on Beamish, in Campsie in May.
Wiggins and Cassar will fund the purchase of the Oxford Hotel through the $19m 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.
The sale price for the Oxford Hotel reflects the size and future potential of the establishment. The pub occupies 974 square metres and has scope for a rooftop bar with extensive views of Sydney's city and harbour. The sale also includes an adjacent retail property.
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