Vibe Darling Harbour sells to Thai family for $108 million

The Thai family which owns food import business Sino-Pacific Trading has made its first foray into Australia’s hotel market paying $108 million for Sydney’s Vibe Darling Harbour.

Icon Oceania only completed construction of the 145-key hotel last October.

The developer listed the WMK-designed asset, 319-325 Sussex Street, Sydney, two months earlier.

The hotel includes a rooftop bar, Above 319.

At the time it carried price hopes of $100 million.

JLL Hotels & Hospitality Group’s Craig Collins and Andrew Langsford found Icon Oceania eight per cent more than that.

Over 16 levels, the 4.5-star Vibe Darling Harbour includes a gym, heated infinity swimming pool and rooftop bar ‘Above 319’ (pictured, above).

Vibe Darling Harbour at 319-325 Sussex Street, Sydney, only opened last October. Developer and vendor, Icon Oceania, listed it for sale two months earlier.

On the ground floor, a restaurant and bar is adjacent to the lobby.

The hotel sits on a 391 sqm block acquired by Icon for $16.25 million in 2016, and which at the time accommodated three red brick terraces.

The innkeeper, Vibe, is a brand of TFE Hotels.

In April, the operator is set to start trading from a 25-level hotel nearing completion atop of a c1873 building at 2 Queen Street, in the Melbourne CBD, occupied from the 1950s until 2011 by rag trader Fletcher Jones.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco