By Triana O'Keefe, editor – Australian Hotelier

It has been confirmed’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.

The Shout Team

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

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