Sofitel Wentworth collects $315m for Frasers
Frasers has sold the Sofitel Sydney Wentworth after seven years.
The deal, with New York based KKR in a partnership with Futuro Capital and Marprop, is worth $315 million.
The vendor held the property – built by Qantas in 1966 as Sydney’s first five-star hotel – in the Frasers Hospitality Trust.
It paid LaSalle Investment Management $234.55m.
That seller acquired it in 2010 from Tourism Asset Holdings for $130m.
At 61-101 Phillip Street, the 17-storey venue with 437 suites is expected to be refurbished with expanded food and beverage components (story continues below).
CBRE’s Michael Simpson and Tom Gibson brokered the latest deal – in which FHT will receive an additional $10.55m for a freehold reversionary interest.
Accor, which took over the leasehold in 2002, is committed for 14 more years.
The deal comes 14 months since Futuro paid c$210m in two parts for a Melbourne CBD office – 235 Bourke St.
Marprop has also been an active purchaser during the COVID environment, snaring offices in Canberra and Newcastle – the latter which includes the town’s family court.
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