Mulpha takes stake in pair of Sydney hotels
Mulpha Australia has bought into two Sydney hotels, joining the high-profile ownership group that acquired the properties in February for $390 million.
The price for the one-third interest in the Novotel Sydney on Darling Harbour and ibis Sydney Darling Harbour, would equate to about $130 million.
Settlement was September 21.
Wentworth Capital and Sun Hung Kai & Co acquired the adjoining hotels from Abu Dhabi Investment Authority.
They each also own a third.
Ibis and Novotel, Darling Harbour
The Darling Harbour hotels have 781 rooms between them — 525 at the Novotel and 256 at the ibis — and sit next to the International Convention Centre Sydney.
Combined they cover c1.5 hectares.
Accor will continue to manage both properties.
The March sale valued the hotels at about $499,000 per room and ended a five-year divestment process by ADIA, which had first put the properties on the market in 2021 with expectations of about $500m (continues below).
The deal includes vacant land south of the Novotel, providing scope for future development.
CBRE’s Michael Simpson, Andrew Williams and Nick Hill sold the assets to Wentworth and Sun Hung Kai & Co earlier this year.
Mulpha backs east coast hotels
Singapore backed Mulpha’s local portfolio includes the InterContinental Sydney, InterContinental Hayman Great Barrier Reef and InterContinental Sanctuary Cove Resort.
Head of hotels, hospitality and leisure Marcus Hanna said the Darling Harbour investment brought together the hotels’ location and scale with the capabilities of its investment partners.
“The Novotel and ibis are substantial, well-established hotels in one of Sydney’s most important tourism and business precincts,” according to the executive.
“Their scale, location and long-term potential make them a compelling addition to Mulpha’s hospitality portfolio,” he added.
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