Singapore REIT Ascott Residence Trust is paying $60.6 million for the Felix by 8Hotel in Sydney’s Mascot.
The 150-room inn at 131-121 Baxter Road (image above and below) will be rebranded as the Citadines Connect Sydney Airport following a conversion in May.
JLL’s Andrew Langsford represented the vendor, a local private developer.
Ascott’s hotel portfolio includes, in Sydney, the Quest Mascot, Quest Campbelltown and Quest Sydney Olympic Park.
“This [Mascot] acquisition will deepen Ascott REIT’s presence in the stable and resilient market of Australia adding to our portfolio of quality property that provides good yield in the highly sought-after Sydney market,” Ascott chairman Bob Tan said.
“Australia has consistently ranked as one of Ascott REIT’s top contributing markets in terms of gross profit”.
Ascott’s purchase will be partially funded by divestment proceeds from the sale of Ascott Raffles Place in Singapore, Mr Tan added.