Singapore funding and asset administration firm High Street Holdings has flagged plans for additional lodge purchases in Australia after buying Rydges North Sydney for $75,000,000.
CBRE Hotels negotiated the sale of the 167-key lodge on behalf of Event Hospitality & Entertainment.
The High Street Holdings acquisition was negotiated on behalf of a Singapore family office, which final 12 months made its first Australian tourism acquisition with the acquisition of the Kennigo Hotel Brisbane.
High Street Holdings accomplice David Marriott stated the family office was actively pursuing additional Australian funding alternatives as a part of the continued diversification of its international portfolio.
“The transparency of the Australian market and the strength of domestic demand, which accounts for circa 80% of hotel visitation numbers, continues to be a key attraction in light of the volatility in international tourism in recent years,” Mr Marriott stated.
Located at 54 McLaren Street, Rydges North Sydney occupies a big 2,549sqm freehold website in certainly one of Australia’s largest company catchments. A refurbishment of the lodge will probably be launched into post-settlement.
CBRE Hotels’ National Director Wayne Bunz famous, “Sydney is a truly global city, renowned as a global tier one investment destination with hotel assets highly sought after but tightly held. This sale highlights the recent rebound in demand from Asian-based capital reinvesting into Australian hospitality and accommodation assets.”
Rydges North Sydney is located simply off Miller Street, subsequent to the upcoming Victoria Cross Metro Station, which can join North Sydney and the lodge with the Sydney CBD in round three minutes.
CBRE Hotels’ Managing Director Michael Simpson added, “There is circa $8.4 billion of large-sale development projects either under construction or in the planning stages in the North Sydney precinct, including the new 60,000sqm Victoria Cross office project adjoining the hotel. Combined with the 61,000sqm 1 Denison Street and 42,000sqm 100 Mount Street office towers, this significant influx of commercial projects and limited hotel supply bodes well for the local accommodation market.”
To request a gross sales evaluation please contact the promoting brokers CBRE Hotels Michael Simpson and Wayne Bunz by way of the under contact particulars.
Rydges North Sydney sold for $75m to Singapore family office by CBRE & More Latest News Update
Rydges North Sydney sold for $75m to Singapore family office by CBRE & More Live News
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Rydges North Sydney sold for $75m to Singapore family office by CBRE & More News Today
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