DevelopmentsIndustryManagementUncategorized

Sydney hotel commands multi-million-dollar price tag as Tassie plan stalls

One of Australia’s top-ranked hotels has hit the market with price expectations of $55 million.

The Larmont Sydney, a 103-room boutique hotel in Potts Point, is rated one of Conde Nast Traveller’s Top 25 Hotels in Australia and New Zealand.

The hotel, ranked 7th in Sydney by TripAdvisor, is part of a 1081sq m mixed-use development including two retail tenancies to be put up for sale by Singaporean owners Tee Land Limited.

Colliers International director Karen Wales described The Larmont as “a market leader in the Potts Point hotel market” which “enjoys a growing trading performance and strong profit margins, underpinned by the strength of the Sydney accommodation market.”

It is currently operated by the Lancemore Group, which runs other bespoke luxury properties across Australia including Mansion Hotel & Spa, Lindenwarrah, Spring Hill Estate and Lindenderry in Victoria and Alamanda Palm Cove in Queensland.

The Larmont has witnessed numerous changes in recent years, undergoing an $8 million refurbishment and expansion less than two years ago, and seeing private apartments on levels 11 and 12 developed into a further 24 guest rooms in a $12 million makeover.

Many of its rooms offer Sydney Harbour and city skyline views, some from private terraces.

Port Arthur hotel on hold

Gambling giant the Federal Group is reconsidering plans for an accommodation development at Port Arthur in Tasmania, saying it is looking at “alternative concepts” for the site.

The company announced in 2016 it was committed to building a $25 million luxury hotel at Port Arthur, regardless of whether the state government extended its poker machine licence – a previous sticking point in the decade-long campaign to get the investment off the ground.

However, it has not confirmed whether the new concepts still include the planned hotel.

Tasman mayor Kelly Spaulding said: “It’s been a long time coming, and I think quite a lot of the residents would like to see them move ahead with a development down here.”

Port Arthur Historic Site Management Authority chair Sharon Sullivan said visitors to the Tasman Peninsula had increased year on year, and more quality accommodation was needed to meet traveller demand.

Kate Jackson

Kate Jackson is the editor of Accomnews. You can reach her at any time with questions or submissions: [email protected]

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