Sydney’s The Old Clare Hotel will be under new management in 2024 following the AU$61.8 million purchase of the historic hotel by Singapore-based Invictus Developments.
The 69-room boutique hotel, which spans two buildings in Chippendale, includes hatted restaurant, Longshore, The Clare Bar, rooftop bar and swimming pool, as well as event spaces and meeting rooms.
Hotelier, restaurateur and CEO of Unlisted Collection, Loh Lik Peng, opened the hotel in 2015 following a four-year restoration project.
“I am proud to have developed The Old Clare Hotel into one of Australia’s foremost boutique hotels,” said Loh Lik Peng.
“I am pleased to be handing over the hotel to Invictus, who I know will be the best long-term guardians to continue the legacy of this historic property. I would like to express my gratitude to the whole team at The Old Clare, past and present, who made this journey such a success.”
The Old Clare Hotel is the latest acquisition in Invictus Developments’ growing Australian hotel property portfolio, now valued at around $270 million.
Its recent additions include the AU$25 million purchase of The Inchcolm by Ovolo Hotel at Spring Hill in Brisbane and the AU$52.5 million purchase of an office building at 39 York Street in Sydney, which will be refurbished into an upper upscale hotel.
Last year, Invictus Developments also purchased of the Harbour Rocks Hotel in Sydney and Quest Woolloongabba in Brisbane.
“As the tourism sector continues to thrive amidst the post pandemic recovery, we are very pleased to be able to find superb hotels across Sydney and Brisbane,” said Invictus Developments Principal, Chayadi Karim.
“Having set in stone our property improvement plans and management strategies, we remain committed to further investment within the Australian hotel sector.”
The Old Clare Hotel is a feature of the Central Park residential and commercial development at Broadway and within proximity of the proposed NSW Government’s Central Precinct Renewal program.
Intergen Property Group advised Invictus on the acquisition, which was led by Colliers, and will continue as investment managers to support Invictus in meeting their growth strategy.
“Invictus has taken up the rare opportunity to acquire a freehold heritage boutique hotel in Sydney, where hotels are difficult to develop as a result of tight planning controls and expensive land and construction costs,” said Colliers Head of Hotels, Australia, Karen Wales.
“Sydney’s accommodation offering is critical to Australia’s tourism positioning as it is the single most popular tourist destination in the country.”