DevelopmentsIndustryManagement

Multi-million-dollar sales and refurbs for Sydney

One of Sydney’s newest CBD hotels, the 4.5-star Vibe Darling Harbour, has sold for $108 million.

The WMK-designed 145-room hotel, completed last year by developer Icon Oceania, was snapped up by a first-time buyer to the Australian hotel market according to brokers JLL Hotels & Hospitality Group.

[pro_ad_display_adzone id=”44555″ align=”left” padding=”10″]The property attracted a “huge amount of global investor interest” as a rare offering to the Sydney market, JLL reports.

Sales agent Craig Collins said: “Most owners who have purchased hotels over the past few years are very happy with their investments and intend to hold long term even though they may be sitting on very large capital gains.

“They believe in the long-term growth story of the Australian hotel market and many wish to buy more assets and not sell.

“When quality hotel assets do come onto the market like the Vibe Darling Harbour Sydney, competition is very strong, as buyers do not know when the next opportunity to buy a quality asset will come up.”

Pyrmont possibilities

Image: realestate.com.au

A family has meanwhile paid $28.7 million for a hotel in Sydney’s Pyrmont, with the chance to appoint a new operator for the freehold property.

Located at 131-133 Murray Street, the 280 sqm site boasts a nine-level 60-room hotel unencumbered by management.

The lack of tenant leaves the buyer with flexibility over the operating structure of the property, which is zoned for mixed use.

Fraser fitout

Fraser Suites Sydney will undergo a $4 million refurbishment of all 201 rooms and suites at its CBD Kent Street property.

The revitalisation of all studio, one bedroom, two bedroom and penthouse suites, masterminded by interior designers D’Cruz, includes furnishings, curtains, carpets, artworks and in-room functionality.

Frasers Hospitality Australia country general manager Matthew Rubie said: “The original design of our first Australian property by renowned architect Sir Norman Foster remains timeless and in our thirteenth year of operation, this soft refurbishment of all guest rooms will offer a further lift to our multi-award-winning property.

“We are delighted by the initial feedback we have received and look forward to revealing all the news suites in a few months’ time.”

The property will reopen following its transformation later this year.

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