Brand new Sydney Vibe Hotel sells to Thai group for $108m
A rare deal just went down with the sale of the Sydney Vibe Hotel. (Photo: Vibe)
JLL Hotels & Hospitality Group has sold the Vibe Hotel Sydney Darling Harbour just a few months after it opened.
Sydney’s sought-after CBD just saw a huge deal go down in the form of the flash sale of the Vibe Hotel Sydney Darling Harbour.
Only recently opened, the property has already changed hands, from JLL Hotels & Hospitality Group to a Thai company which is new to the Australian hospitality market.
We find out more.
Vibe Hotel goes for $108m
Just a few months after its opening, the Vibe Hotel Sydney Darling Harbour is already under new ownership, following the sale of the property for $108m. The buyers of this illustrious property are Sino-Pacific Trading, one of Thailand’s leading food importers.
Very few properties come up for sale in the coveted CBD of Australia’s most well-known city, so potential buyers were chomping at the bit to get in on the action. Andrew Langsford, Senior Vice President of JLL Hotels and Hospitality Group, said, “This is the first acquisition of a major Sydney CBD hotel for several years. The campaign attracted a huge amount of global investor interest.”
Quality property with stunning design
Hotels of this kind and calibre don’t come on the market every day, and the extensive volume of bids for the property are evidence of this.
Craig Collins, CEO of JLL Hotels & Hospitality Group said, “It is very difficult to buy a quality CBD hotel in Australia at present. Most owners who have purchased hotels over the past few years are very happy with their investments and intend to hold long-term even though they may be sitting on very large capital gains.”
“They believe in the long-term growth story of the Australian hotel market and many wish to buy more assets and not sell. When quality hotel assets do come onto the market, like the Vibe Darling Harbour Sydney, competition is very strong, as buyers do not know when the next opportunity to buy a quality asset will come up.”
The hotel was designed by WMK architectural practice, who are renowned for their award-winning designs, and brought to market by developers Icon Oceania.
The 145-key property will be operated under a management agreement with TFE Hotels, whose portfolio consists of 73 properties across Australia, New Zealand and Europe.
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