One man has bought two of Sydney’s biggest bars in just a few months as he looks to expand his business.
Sam Arnaout bought the Cabramatta Hotel in Sydney’s west and the El Cortez Hotel in Canley Heights in a deal worth almost $200 million.
The real estate billionaire bought the sites for his Iris Capital operation, which describes itself as a “fully integrated development and hospitality group, driven by a passion for creating places people love.”
No exact dollar amount has yet been tied to the sales, but industry experts suggest both purchases were record-breaking in 2024.
HTL Property directors Andrew Jolliffe and Dan Dragicevich negotiated the sale of both hotels.
Mr Arnaout, who lives near Manly in the city’s east, is a former panel beater who made his $2.5 billion net worth by buying hotels and developing property.
The Cabramatta Hotel and the El Cortez Hotel are the latest in a long line of properties that Mr Arnaout now owns.
Others include the Steyne Hotel which he bought for $65 million and the Ivanhoe Hotel, both in Manly.
Billionaire property developer Sam Arnaout bought the El Cortez Hotel in Canley Heights, Sydney (photo, the El Cortez)
This is Mr Arnaout’s second major purchase in months after also buying the Cabramatta Hotel in Sydney’s west (pictured, the El Cortez)
Mr Arnaout now handles commercial and residential properties in both NSW and Queensland.
‘While Iris Capital operates on a national hospitality and development footprint; Large format hotels in Sydney’s suburbs remain very attractive to our business,” he said.
The Cabramatta Hotel and the El Cortez Hotels have a combined 17,000 m² of commercial space that is ready for… development, according to Mr Arnaout.
Redcape managing director Chris Unger, who previously operated both hotels, said the sale will help his business move forward.
“The divestments will provide Redcape with capital to continue its reallocation into other opportunities, in line with the fund’s strategy,” Mr Unger said.
Mr Dragicevich said selling the property was easy because it was already a well-known hotel.
He added that the fact that both the complex and the Cabramatta are on two separate land holdings ‘materially contributes to the additional uses from a development perspective’.
His colleague, Mr Jolliffe said sales of these newest hotels have picked up The value of hotel sales in Sydney will reach $1 billion in 2024, which is flat with the record set in 2022.
Both hotels cost almost $200 million and industry experts suggest each deal was a record in 2024