Sydney Mercure complex sold
Australand Property Group has sold the Mercure Potts Point to Sydney-based Iris Capital for $65 million.
Mercure Potts Point in Sydney’s Kings Cross was formerly the Crest Hotel and Iris intends that Accor will stay as hotel operator while it formulates its plans. These may include a mixed-use retail and residential project for the upper levels, according to Iris joint managing directors Sam and Ramy Arnaout.
Mark Durran and John Musca of Jones Lang LaSalle Hotels brokered the sale of the 227-room, four-star hotel and bidders included Mirvac and Singapore-based Hotel Grand Central.
Iris Capital’s other projects include the Clovelly Hotel, Cove Apartments and the Hunters Hill Hotel and Maison Residences.
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