Singapore giant swoops on 5-star hotel, shops
Receivers for collapsed developer Crown Group have sold the modern Skye Suites Sydney hotel and ground floor shopping precinct, Our Skittle Place.
Singapore-based Furama Hotels is the buyer, for $68 million.
It plans to occupy, continuing the use of both brands.
The retail component of the complex at 300 Kent Street will be invigorated with a new tenancy mix.
Stonebridge’s Lincoln Blackledge with HTL Property’s Andrew Jackson were the agents.
Twenty offers came in, they said.
The result, they added, is the priciest for a Sydney CBD hotel his year.
Skye Suites, One Skittle Place
The 5-star Skye Suites Sydney, with 73 suites, forms part of the 25 level Arc by Crown building, completed in 2018 also with 173 apartments, a gym, lap pool and rooftop courtyard.
Our Skittle Place contains 918 square metres across six tenancies.
Takeway chicken restaurant Soul Origin is the anchor.
Furama operates over 7500 rooms across 40 hotels in the Asia Pacific.
In Sydney it also has a Darling Harbour guesthouse, which replaced a Holiday Inn last year.
Another Crown asset sold
Crown disintegrated in 2023 following a bitter split between co-owners Iwan Sunito and Paul Sathio – with the property portfolio divided or sold down with the support of receivers.
One, we reported last year, sold to a rival developer.
There are two more Skye Suites branded hotels – at Parramatta, set to be listed for sale this year – and Green Square, retained One Global Capital.
“The over-sized suites, high specification of finishes and recent construction were all contributory factors to attracting the ‘who’s who’ of bidders,” Mr Blackledge said of the 300 Kent St campaign.
“The excellent trading performance as well as the ability to purchase the hotel with or without the existing business broadened the appeal of the offering and led to the intense bidding,” according to the executive.
“The level of interest dictated the need for a short-lived second round bidding process where only select bidders were invited to participate in the final…process,” according to the executive.
“This strategy affected the desired result of a sharpening of both pricing and terms, with the offering ultimately…nudging out other offshore interest and local suitors”.
Mr Jackson said “Sydney stands out as one of the most attractive hotel investment markets in the Asia-Pacific alongside Tokyo as the two most popular destinations for international capital”.
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