Asian investors are continuing to dominate hotel buying in Sydney with metro Hotel Sydney Central selling last week for $39.5 million.
A Singapore-based trust purchased the hotel, which was formerly known as the Royal Gardens Hotel, beating off interest from a number of international and domestic parties.
The hotel sold after an expression of interest handled by Jones Lang LaSalle Hotels’ Mark Durran and Ross Beardsell.
The property’s former largest shareholder, the listed Transmetro Corporation, will continue to operate the hotel business for the new owner under its Metro Hotels brand. Transmetro had a stake of about 22 per cent in the property that sits on the corner of Pitt and Campbell Streets on an 848 square metre freehold site.
It features 220 guest rooms and suites together with a restaurant, bar and conference facilities for up to 200 guests. It is situated at the southern end of the Sydney CBD and is part of the city’s emerging southern precinct.
“This is the fifth major hotel in Sydney to sell in the past 12 months and all were purchased by Asian Investors. These sales represent almost $500 million of investment,” Mr Durran said.
Read Full article at Metro Hotels News
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