The sale of The Republic Hotel located on the corner of Pitt and Bridge Streets in Sydney’s CBD has been announced.
The off-market purchase of the hotel was made by a highly regarded international property fund.
The hotel spans three city streets and recently underwent a multi-million dollar renovation, including the introduction of a very popular rooftop bar.
The deal sees the well-known hotelier Patrick Ryan enter into an agreement to lease back the business operation of the asset after 17 years of ownership of the four storey hotel.Jolliffe, who would not be drawn on price, or the identity of the purchaser, believes that sophisticated interest in AAA Grade property in Australia’s gateway cities remains robust.
“Sydney is enjoying a demonstrable surge in infrastructure investment, and astute investors right throughout our Asia Pacific database have highlighted this point. As a direct consequence, we are actively representing numerous clients in respect of their very valuable freehold property assets, and expect that favourable market conditions will continue to underwrite strategic investment,” said Mr Jolliffe.