This article is from the Australian Property Journal archive
TRANSMETRO has sold the Metro Hotel Sydney Central in Pitt Street Sydney for $39.5 million after the investment made a loss.
Metro Hotel Sydney Central is a 3.5-stars hotel and comprises 220 rooms. Transmetro is the largest equity holder in the property, holding approximately 22%.
Transmetro bought the hotel in March 2005 and will continue to manage the property following the sale.
The property was formerly the RG Hotel and Transmetro and joint venture partners paid $34 million.
The unit trust that holds the property contributed a consolidated net loss of $86,000 for the half year ended December 31 2009 compared to a net profit of $70,000 in 2008.
This is the second disposal for Transmetro and comes hot on the heels of another Sydney CBD hotel sale.
Last month, the company sold the Metro Hotel on Pitt also on Pitt Street for $24.188 million. The contribution by this joint venture for the half-year was $23,000 compared to $81,000 in 2008.
Australian Property Journal
