Sydney Hotel Sale – realestatesource https://www.realestatesource.com.au Commercial and residential property news Fri, 30 Jun 2017 00:25:12 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Sydney Hotel Sale – realestatesource https://www.realestatesource.com.au 32 32 YTL Group Buys Country’s Largest Ever Hotel Property Portfolio: $415 Million For Marriott Sydney, Melbourne and Brisbane https://www.realestatesource.com.au/ytl-group-buys-countrys-largest-ever-hotel-property-portfolio-415-million-for-marriott-sydney-melbourne-and-brisbane/ Sun, 17 Jun 2012 11:00:07 +0000 http://realestatesource.com.au/wordpress/ytl-group-buys-countrys-largest-ever-hotel-property-portfolio-415-million-for-marriott-sydney-melbourne-and-brisbane.html MALAYSIA’s YTL Corp has paid a reported $415 million for a portfolio of three major hotels on the eastern seaboard.

The three hotels – the Sydney Harbour Marriott at 30 Pitt StreetCircular Quay, the Melbourne Marriott at the corner of Exhibition and Lonsdale streets and the Brisbane Marriott at 515 Queen Street – represent what is believed to be the country’s largest ever hotel property portfolio measured by value.

]]> The five-star hotels were offloaded by the Commonwealth Property Hotel Fund and represents the winding up of the Colonial First State Global Asset Management managed fund.

The purchase gives YTL an additional 1016 room portfolio in Australia.

According to agency Jones Lang LaSalle, about $614 million of hotel properties will have changed hands this half-year. Asian buyers account for 93 per cent of deals, according to an AFR article reporting the Marriott sales.

 

]]> Great Eagle Group Pays $40 Million For Observatory Hotel, Sydney https://www.realestatesource.com.au/great-eagle-group-pays-40-million-for-observatory-hotel-sydney/ Tue, 19 Jun 2012 11:30:00 +0000 http://realestatesource.com.au/wordpress/great-eagle-group-pays-40-million-for-observatory-hotel-sydney.html GREAT Eagle Group, the listed Hong Kong property company has paid about $40 million for the Observatory Hotel in Sydney (pictured, right).

The purchase will add to the group’s 13-strong portfolio of international hotels it currently manages under the Langham and Langham Place brands.

Already operating in Melbourne, and Asia, Europe and the United States, the purchase of the 96-room Georgian style grand 19th Century home allows the group to offer a Langham brand in Sydney.

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The hotel was sold by London’s listed Orient Express Hotels which in 1999 paid $60 million for the Observatory and another hotel (Lillianfels Blue Mountains Resort & Spa) from Japan’s Nara Corporation which has now exited the Australian market.

In 2009, Melbourne based investor George Saade purchased the Blue Mountains resort for $21 million, according to the AFR which reported the Observatory sale.

 

]]> Toga Group Buys Kings Cross Hotel for $16.75 Million https://www.realestatesource.com.au/toga-group-buys-kings-cross-hotel-for-1675-million/ Sun, 06 Mar 2011 04:00:20 +0000 http://realestatesource.com.au/wordpress/toga-group-buys-kings-cross-hotel-for-1675-million.html THE Mansions hotel, in Sydney's inner-city Kings Cross, has sold to developer Toga Group for $16.75 million.

The property, which currently trades as a pub, is expected to be converted into an apartment complex. Toga purchased the site on terms subject to this redevelopment being approved. The Mansions soars five levels. It was one of the last controlled by the Landmark Leisure Group which went into receivership in 2009.

Other sites owned by LLG included the Vegas Hotel, which like The Mansions is also in Kings Cross. Other assets include Darlingsford's Oxford Hotel and the peakhurst Inn.
]]> The Mansions sits on an 888 square metre block at the corner of Bayswater Road and Kellett Street.

Toga’s other assets icnlude the Vibe Medina, and Travelogdge brands. It’s also planning to redevelop the former Hakoah Club at Bondi Beach with 150 flats, a project which is being opposed by council. Another Toga project is the Hampton Court Hotel in Potts Point.

Toga is ultimately controlled by BRW Rich Listers Charlotte and Ervin Vidor, who are reportedly worth some $483 million. The company’s managing director is the Vidor couple’s son, Allan. Toga controls more than 50 hotels in Australia and Europe.

]]> Mercure Potts Point Reopens After Renovation, But Doesn’t Sell https://www.realestatesource.com.au/mercure-potts-point-reopens-after-renovation-but-doesnt-sell/ Thu, 03 Mar 2011 04:00:21 +0000 http://realestatesource.com.au/wordpress/mercure-potts-point-reopens-after-renovation-but-doesnt-sell.html SYDNEY’s 227-room Mercure Potts Point has opened after a major renovation that started three years ago.

A $63 million sale of the hotel, reported last month, is now reported to have fallen through. An international operator will be appointed to manage the hotel now, according to the AFR.

]]> Converting the building into an apartment complex has also been mooted for the Australand owned asset.

 

 

]]> Hospitality Investors Understood to be Paying $26 Million For Fairmont Resort, Blue Mountains https://www.realestatesource.com.au/hospitality-investors-understood-to-be-paying-26-million-for-fairmont-resort-blue-mountains/ Sun, 31 Oct 2010 04:14:52 +0000 http://realestatesource.com.au/wordpress/hospitality-investors-understood-to-be-paying-26-million-for-fairmont-resort-blue-mountains.html MILLIONAIRE businessman Jerry Schwartz is understood to be in negotiations to buy the Fairmont Resort at the Blue Mountains for about $26 million.

The 210-room York Fairmont Resort at Leura is being sold by Deloitte partners, as receivers and managers of Brighten Pty Ltd, the former operator.

Mr Schwartz is a cosmetic surgeon and property owner.

]]> The Australian reports he will spend an additional $20 million over 18 months to make the site a four-star hotel, with room rates at a low $100 to $200 per night.

With conference facilities and a ballroom, the 10 hectare estate also includes three lakes, a walking track, two pools, basketball, squash and tennis courts.

Originally a high end facility when known as the Peppers Fairmont Resort before 2006, the hotel has become neglected in recent years.

Mr Schwartz’s family company also owns the Newcastle Crowne Plaza, the Victoria Hotel in Melbourne and the Olims Hotel in Canberra. In Sydney the businessman and philanthropist is reported to own six hotels including the Mercure in George Street, the Hotel Ibis and the Sebel in Surry Hills.

The Australian also reports iron ore businessman Clive Palmer has inspected the Sheraton Mirage Port Douglas resort, along with Crown Casino founder, Melbourne-based Lloyd Williams.

 

]]> Courtyard by Marriott in Parramatta Sells For $24 Million https://www.realestatesource.com.au/courtyard-by-marriott-in-parramatta-sells-for-24-million/ Thu, 23 Sep 2010 04:29:01 +0000 http://realestatesource.com.au/wordpress/courtyard-by-marriott-in-parramatta-sells-for-24-million.html DELOITTE, the liquidator for failed New Zealand Group Bridgestone, has recovered $24 million from the sale of the Courtyard by Marriott hotel at Parramatta.

The six storey complex in Anderson Street sold to an international investor, according to the AFR.

The complex includes 20 suites and 11 meeting rooms.

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