The property billionaire purchased the venues 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 been put on the sales as of yet but industry experts suggest that both were record-setting purchases in 2024.
HTL Property directors Andrew Jolliffe and Dan Dragicevich negotiated the sales of both hotels.
Mr Arnaout, who lives near Manly in the city's east, is a former panel beater who gained his $2.5billion net worth by purchasing hotels and developing properties.
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 purchased for $65million and the Ivanhoe Hotel which are both in Manly.
Mr Arnaout now handles commercial and residential properties in both NSW and Queensland.
'Whilst Iris Capital operates on a national hospitality and development footprint; large format Sydney suburban hotels remain very attractive to our company,' he said.
The Cabramatta Hotel and the El Cortez Hotels have a combined 17,000sqm of commercial property which is ripe for development, Mr Arnaout added.
