- Sale expected to be one of the biggest this year
- Originally constructed in 2013
- Expressions of interest for sales close at the end of May
As the roll-out of Covid vaccines continues and international travel starts to make a cautious come-back, The Hotel Conversation reported the news that the owners of Sydney Airport’s Rydges Hotel are selling up.
The sales environment
The hotel market is in a state of transition, with some needing to sell, others waiting it out and the green shoots of travel reappear.
The two appointees to sell Rydges said the recent sale of Primus Hotel in Sydney’s CBD for $132 million indicates there is a market appetite again for hotels.
Across the border in Queensland, there’s certainly a taste to build hotels, usually mixed-use buildings that include both apartments and hotels.
One of them includes the Regal Residences on the Gold Coast, Langham hotel to join another development also on the Gold Coast.
The property
Rydges Sydney Airport hotel has 318 guest rooms, and extensive business facilities such as 11 conference and meeting rooms, as well as a rooftop bar.
The property is said to expect a price tag of some $270 million, it was originally constructed back in 2013 by private developer Denwol.
Appointed to sell the property is JLL Hotels and Hospitality Group managing director Mark Durran and CBRE Hotels’ national director Wayne Bunz. Mr Bunz said in a statement:
“On-airport hotels are expected to be an immediate beneficiary of the rebound in international travel and this particular property will continue to command a significant rate premium over competing hotels located farther afield”
Wayne Bunz, CBRE Hotels
Expressions of interest for the property close 31 May 2021.
