Developments

Sydney backpackers sold for $19m

A private investor has bought the backpacker hotel Westend in the Sydney CBD for $19 million. The hotel runs under the Nomads brand and has 86 rooms over 13 storeys and was sold by Kharita P/L.

CBRE Hotels associate director Andrew Jackson said, “The shortlist comprised largely of offshore groups from mainland China and Malaysia, but ultimately sold to a domestic group who plans to refurbish and reposition the property as a limited service hotel offering to take advantage of the strong Sydney hotel market fundamentals,” Mr Jackson said.

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