Wentworth buys Darling Harbour Novotel, Ibis
The Abu Dhabi Investment Authority has sold Sydney’s Novotel and Ibis hotels on Darling Harbour to local asset manager Wentworth Capital.
The Middle East sovereign wealth fund also known as ADIA, will bank $390 million.
It listed the assets in September, 2021, with $500m price expectations.
Developed in 1991, the hotels comprise about 780 rooms. The bulk (525) are rated 4.5-star in the Novotel at 100 Murray Street. The Ibis at 70 Murray St is 3-star.
Occupancy is at c85 per cent.
Combined they cover 1.5 hectares.
“This acquisition provides our investors with meaningful diversification into the hospitality sector,” Wentworth said in a statement, adding it reinforced its focus on “well located, institutional quality assets at compelling entry points”.
Wentworth will hold the assets in its Real Estate Private Equity Fund Fund 1 now 80pc deployed (continues below).
Wentworth invests again
Last month, Wentworth paid more than $100m for North Sydney’s former MLC headquarters. Investa, on behalf of Oxford Properties Group, was the vendor.
Mid last year, Wentworth also acquired a 6.6ha life sciences asset at North Ryde for a platform backed by BlackRock announced in 2024.
Wentworth was established by ex-Blackstone and Mirvac executives.
It is backed for the Darling Harbour deal by Hong Kong based Sun Hong Kai & Co, also owner of several Ritz-Carltons.
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