Sofitel Sydney Wentworth on the market

first_imgOne of Sydney’s most recognised hotels, the landmark Sofitel Sydney Wentworth has been placed on the market. The owner, LaSalle Investment Management, has appointed Jones Lang LaSalle’s Hotels & Hospitality Group and McVay Real Estate to sell the property. The Sofitel Sydney Wentworth is offered for sale subject to a management agreement with Accor Asia Pacific. This property is their flagship Sofitel in Australia and benefits exceptionally well from their marketing and distribution systems. The freehold hotel features 436 guest rooms & suites, two food & beverage outlets, substantial conference & meeting facilities, a club lounge and business centre. It enjoys one of the finest positions of any hotel in the Central Business District, being surrounded by many of the city’s premium commercial office towers and a short walk to Sydney’s numerous key tourist attractions. Mr Sam McVay, Managing Partner, McVay Real Estate said, “The current developments of Barangaroo and the Sydney International Convention, Exhibition & Entertainment Precinct will add a further dynamic to Sydney, making it even more of a global city with a greater spread of accommodation demand. This all bodes well for the future of Sydney hotels and particularly an asset like the Sofitel Sydney Wentworth with its outstanding guest facilities and location.” Expressions of interest for the sale of the Sofitel Sydney Wentworth close midday (Sydney time) Friday 21 March 2014. The Sydney hotel market boasts some of the most attractive market fundamentals in the Asia Pacific region. Driven by ongoing corporate demand and increasing inbound tourism, hotels in Sydney continue to trade exceptionally well, with the highest Revenue per Available Room in the country. Mr Craig Collins, CEO – Australasia, Jones Lang LaSalle’s Hotels & Hospitality Group said, “Sydney continues to be a focus of investors globally and we are anticipating very strong international investor interest in this asset, particularly because of its attractive income yield and significant upside through further development or repositioning. It’s important to note that a number of other five star hotels have sold in Sydney over the past two years and are now in the hands of traditionally long term holders, this may be the last chance for a considerable time for investors to acquire a prime freehold Sydney hotel.” The Sofitel Sydney Wentworth was the city’s first international hotel and is now one of the most recognised five star hotels in Australia, largely due to the boldness of its semi-circular design and giant copper awning. Boasting an illustrious history, the Hotel has played host to royalty, numerous celebrities and a multitude of gala dinners, leading exhibitions, political and corporate events. Source = LaSalle Investment Managementlast_img

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