An affiliate of 8Hotels recently purchased the freehold of Diamant Hotel Sydney for AUD$18.2 million from Arena Investment Management.

8Hotels has leased the property since the opening in 2007, and will continue to operate the property under a long-term hotel management agreement.

“The Diamant Hotel in Sydney has always had an enormous amount of untapped potential and we’re now delighted to be in a position to fully control the hotel’s destiny,” said Paul Fischmann, CEO of 8Hotels.

“We plan to embark on a repositioning exercise to lift the hotels physical appearance and amenities – creating a truly top-class boutique hotel experience.

“With the launch of 1888 Hotel in Pyrmont just around the corner and the improvements to Diamant Hotel, 8Hotels will offer the best selection of boutique hotels in Sydney and around Australia.”