Global hospitality investment and management firm, Pro-invest Group, has hinted at a repositioning of Sydney’s historic art-deco design Primus Hotel after the group acquired the property from Greenland Australia.
The transaction is among the first major moves in the Australian hotel real estate market in 2021 and was facilitated and negotiated by JLL Hotels Managing Director, Mark Durran.
Originally designed by Woods Bagot, the hotel features grand eight-metre high scagliola columns in the lobby along with panelled sky light which floods the area with natural light during the day. The hotel offers 172 guest rooms, a lobby bar, fitness centre, restaurant, a rooftop bar and swimming pool. Meetings and events are also well covered with 480sqm of flexible conference space.
“The Pro-invest team identified the Primus, with its inventory of large guest rooms and suites and expansive lobby, as an exceptional opportunity to rebrand and reposition the hotel towards an upscale lifestyle hospitality offering,” said Pro-invest Co-CEO Jan Smits.
“Pro-invest’s vertical hospitality platform gives us a real advantage as it enables us to seamlessly re-position and operate this unique asset with our expert in-house team.”
JLL Hotels Managing Director, Mark Durran, said the hotel already has an approved development proposal to enclose its rooftop bar and transform the space into a year-round operation.
“Added to this, the hotel’s inventory of large guest rooms and suites, plus its expansive lobby and food and beverage facilities, offer an exceptional opportunity to rebrand and reposition it towards an upscale lifestyle hospitality offering,” Durran added.
Greenland Australia Managing Director, Sherwood Luo, said the organisation remained committed to the Australian market despite its divestment of the Primus Hotel.
“We have a forecast investment pipeline of $3 Billion in Australian commercial and residential property projects including our current projects Greenland Centre Sydney and our joint venture with GH Australia-Park Sydney located in inner city Erskinville,” he said.
The transfer of title and final transaction formalities are expected to be complete by August this year, JLL added.