Sydney's Vibe Darling Harbour sold $108 million
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Sydney's Vibe Darling Harbour sold $108 million
CBD Hotel Vibe Darling Harbour Sydney sold to Thai family through Craig Collins CEO Australasia and Andrew Langsford Senior Vice President JLL Hotels & Hospitality Group for $108 million.
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JLL Hotels and HospitalityVibe Darling Harbour
JLL Hotels & Hospitality Group has sold Vibe Hotel Darling Harbour, located at 319-325 Sussex Street, Sydney to a family that owns one of Thailand's top food import businesses, Sino-Pacific Trading for $108 million.
Andrew Langsford, Senior Vice President of JLL Hotels and Hospitality Group, told WILLIAMS MEDIA “they had a huge response for the asset and not too many quality assets offered for sale in Sydney over the past 24 months. A lot of strong interest from off shore groups”
Sold to a first-time buyer in the Australian hotel market, the brand new 4.5-star Sydney CBD hotel, which only opened late last year, features 145 modern guest rooms, together with ‘Above 319’ - a landmark rooftop bar and swimming pool capturing the city’s skyline.
Andrew Langsford, 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.”
The Hotel was designed by award-winning architecture firm WMK and delivered by experienced Sydney based property group, Icon Oceania, with investments from Asia Pacific fund manager, Aura Group and Karbon Property. Icon Oceania is also behind ‘Calibre’ Surry Hills, a luxury residential development designed by renowned architect, Koichi Takada.
Craig Collins, CEO of JLL Hotels & Hospitality Group commented, “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.
Icon Oceania Director Nico Tjen, said “We are very proud of the Hotel and that it is a great addition to the iconic hotel market of Sydney. Strong investor interest allowed us to undertake a transaction and pursue other opportunities.”
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