This article is from the Australian Property Journal archive
SHAREHOLDERS are looking to cash in on the high demand and strong appetite for the hotel properties, by approving the sale of the Park Hyatt Sydney Hotel.
MFS has appointed Jones Lang LaSalle Hotels to market the property on behalf of the PH Sydney Hotel Trust and PH Sydney Hotel.
JLL Hotels managing director of investment sales Mike Batchelor said a new owner will not only benefit from the favourable market fundamentals but also through a Development Approval to expand the hotel to accommodate a presidential suite, four accompanying suites and associated facilities on the existing roof level.
Currently, the hotel features 158 luxury guestrooms and suites, a Tony Chi designed restaurant and bar, club bar, cafe, conference facilities, business centre, heated rooftop swimming pool, day spa, gymnasium and secure underground car parking for 77 vehicles.
The large 4,592 sqm harbour-front site is leased from Sydney Harbour Foreshore Authority on a 99-year term.
JLL Hotels’ Asia Pacific chief executive David Gibson Australia’s hotel investment market remains buoyant and as such, investor interest for this landmark asset is anticipated to be exceptionally strong from around the world.
“Investors will be attracted to the Hotel due to its prime location, income growth potential and security associated with a long-term Management Agreement to Hyatt International Corporation, one of the world’s leading and best known luxury hotel operators,” he added.
Australian Property Journal
