By Triana O'Keefe, editor – Australian Hotelier
It has been confirmed C.inc’s Christopher Cheung has sold The Bourbon Hotel to mix-use developer Sam Arnaout.
The property represents Iris Capital’s second venue in Kings Cross, with The Crest and Goldfish Bar midway through a conversion into a $50 million residential tower.
Iris is believed to have paid close to $25 million for The Bourbon which boasts the capacity for up to 70 apartments.
Cheung’s decision to sell came after paying $22 million for the property and a further $10 million on extensive renovations prior to the NSW Government’s announcement of trading regulations.
“[The lockouts] affected our business at The Bourbon and, despite some commendable and creative solutions from our team to retain customer loyalty, Kings Cross continues to be tough,” Cheung told Australian Hotelier.