Jones Lang LaSalle Hotels has announced the sale of the Royal Exhibition Hotel for more than $10 million.
The sale to an undisclosed party – which JLL says has not owned a hotel before – follows that of several other recent sales in the inner-Sydney suburb, including the Excelsior and Forresters Arms Hotels.
JLL says savvy new operators that bring their own differentiating propositions to city fringe hotels have brought about a number of recent successes, such as the revitalised Carrington, Norfolk and Excelsior hotels.
The Royal Exhibition is a 24-hour licensed venue that occupies a landmark corner position on Chalmers and Devonshire Streets opposite the entrance to central station, and includes 22 gaming machines and 11 well-appointed hotel rooms on a large 550m² site. The previous owner-operators are retiring after 22 years at the Royal Exhibition.