Skye Suites Sydney and its adjoining retail precinct have been sold to an international investor in what brokers have deemed Sydney CBD’s largest hotel transaction this year to date.
The “hotly contested sale process”, managed by agents Stonebridge Property Group and HTL Property, saw in excess of 300 enquiries, and over 20 formal offers received at the close of first round bids.
While details of the buyer and price have not been disclosed, Stonebridge said the 5-star hotel will continue to trade under the Skye Suites brand, while complementary tenancies for the six outlets in the ground floor retail precinct, Our Skittle Place, are explored.
Opened in late 2018, Skye Suites Sydney features 73 serviced apartments and is located within the 25-storey Arc by Crown building, a strata complex featuring 173 residential apartments, a rooftop courtyard and lounge, modern gymnasium, and a lap pool.
“The over-sized suites, high specification of finishes and recent construction were all contributory factors to attracting the ‘who’s who’ of bidders and driving Sydney’s biggest hotel sale this year,” said Stonebridge Property’s National Director, Lincoln Blackledge.
“The excellent trading performance as well as the ability to purchase the hotel with or without the existing business broadened the appeal of the offering and led to the intense bidding.”
HTL Property’s National Director of Accommodation, Andrew Jackson, said Sydney stands out as one of the most attractive hotel investment markets in Asia Pacific.
“According to NAB’s most recent Commercial Property Survey, investor sentiment in Australia’s commercial property market has hit an eight-year high this past quarter, with CBD hotels leading the charge as the asset class investors have the most confidence in,” Jackson said.