A private Taiwanese family has snapped up a brand new freestanding 60-room hotel within the heart of Darling Harbour for $28.7 million from IGB in a deal negotiated by Michael Simpson, Jordan Lee and Andy Hu Savills.
A hotel in the heart of Sydney's Pyrmont Peninsula has been sold to a private Taiwanese family for $28.7 million.
Located at 131-133 Murray Street, the 100 per cent freehold property sits on a 280 square metre site, with a nine level building with 60 guest rooms and suites.
The hotel was sold unencumbered by management, meaning there is considerable flexibility over the eventual market positioning, brand and operating structure.
With a gross floor area of approximately 1,134 square metres and B4 Mixed Use zoning, the height limit is approximately 28.87 metres.
The hotel was sold by Jordan Lee, Andy Hu and Michael Simpson of Savills Australia.
Savills Hotels Managing Director Michael Simpson, who negotiated the deal with Andy Hu and Jordan Lee, said the interest received was a testament to the significant amount of pent-up capital seeking investment grade hotels in Sydney.
“The flexibility of being suitable for owner-operators, or being able to select your preferred operator also drove investor interest," he said.
“Despite having seen some very low transaction volumes in the Sydney hotel market for some time, quality offerings like this continue to attract interest from domestic and global capital which has been unsatisfied due to a shortage of available investment grade hotels for sale in Australia.
“This year, we expect to see owners taking advantage of these market dynamics and seek to realise some profit on their hotel holdings."
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