Developer Greenland Australia will offer its Sydney Primus Hotel exclusively through JLL Hotels and Hospitality Group Managing Director Mark Durran.
Greenland Australia plans to divest its five-star Primus Hotel in Sydney's CBD after celebrating the topping out of the adjacent residential development.
The developer has exclusively appointed JLL Hotels and Hospitality Group Managing Director, Mark Durran, to advise on the transaction.
Mr Durran said “the Primus Hotel is the first major 5 star Sydney hotel to be offered in many years and given the scarcity of such opportunities, will be highly sought after by an array of domestic and offshore investors”.
Located at 115 Bathurst Street, Greenland Centre Sydney has now marked the completion of its uppermost floor, which rises 67 storeys (235 metres) above the Sydney streetscape, making it one of the tallest towers in the city.
Greenland Australia’s Managing Director, Sherwood Luo, was joined by Sydney Lord Mayor Clover Moore, Probuild NSW Managing Director Nick Gaudry, and Co-CEO of project architects BVN, James Grose, along with other project stakeholders, at a COVID-19-compliant ceremony to celebrate the milestone last week.
The Greenland Centre will be a new addition to the Sydney CBD skyline. Source: Greenland Australia
The adjoining Primus hotel features 172 luxury guest rooms and suites, together a lobby bar, restaurant, rooftop bar, and conference space, as well as a rooftop swimming pool and gymnasium.
In a statement, Mr Luo said the hotel, which also developed by Greenland as part of the same complex, would be offered for sale, given the "numerous recent unsolicited approaches received from both hotel investors and operators".
"Greenland retains its long-term commitment to being a developer of major projects in the Australian market," he said.
According to industry analysts, whilst COVID-19 has caused disruption in the hotel market, the pre-pandemic hotel investment environment indicated such five-star offerings in Sydney's CBD were either being transacted or valued around $1 million per key.
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