Greenland Australia’s Primus Hotel sold to Pro-Invest Group - JLL
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Greenland Australia’s Primus Hotel sold to Pro-Invest Group - JLL
Pro-Invest Group has purchased Greenland Primus Hotel after an intensely competitive sale process negotiated by JLL Hotels Managing Director Mark Durran.
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JLL Hotels & Hospitality Group
In the first significant hotel transaction since the onset of the COVID- 19 pandemic, Greenland Australia’s luxurious Primus Hotel has been acquired by Pro-Invest Group, after an intensely competitive sale process managed by JLL Hotels and Hospitality Group. It is understood the Primus Hotel was sold to Pro-Invest Group for in the order of $132m.
Located at 339-341 Pitt Street in the heart of the Sydney CBD, the Primus Hotel features 172 luxury guest rooms and suites together with a lobby bar, restaurant, rooftop bar and swimming pool, as well as 480sqm of conference space and a gymnasium.
The Hotel’s sale, which completes in August, was negotiated through JLL Hotels Managing Director Mark Durran, who says the deal signals a return to form for Sydney’s hotel market.
“Despite the industry’s current challenging operating environment, there is no shortage of local and offshore capital seeking to invest in high quality major hotel opportunities,” said Mr Durran.
“The strong interest fielded in this exceptional hotel asset reflects a huge vote of investor confidence in the Sydney hotel market’s long-term fundamentals, as well Australia’s enduring appeal as a visitor destination and its status as an investment safe haven.”
“We are delighted with this purchase as it represents Pro-Invest’s first hotel in the Sydney CBD as well as our first property in the luxury sector” said Pro-Invest Chairman Mr Ronald Barrott.
“The Pro-invest team identified the Primus, with its inventory of large guest rooms and suites and expansive lobby, as an exceptional opportunity to rebrand and reposition the hotel towards an upscale lifestyle hospitality offering,” said Pro-invest Co-CEO Jan Smits.
The Hotel, which opened in 2015, is a stunning revival of inter-war period architecture by design firm Woods Bagot, who restored original features such as the grand eight-metre high scagliola columns and the lobby’s panelled skylight to their 1930s Art Deco glory.
According to Mr Durran, there are also approved plans for the hotel’s future design.
“Primus has a development approval to enclose the rooftop area to create a year-round venue,” he explained.
“Meanwhile, Primus will also benefit from the future Pitt Street Metro station, which is situated adjacent to the Hotel, while the George Street light rail is close by, and further south the emerging technology hub around Central Station is set to be a catalyst for revitalisation of the surrounding precinct.”
The sale of the multi-award-winning Hotel comes as developer and current owner Greenland Australia nears completion of its adjoining Greenland Centre Sydney project, which is set to become the Sydney CBD’s tallest residential building.
To date, 95% of Greenland Centre’s apartments have been sold, with completion and settlement due in the coming months.
Greenland Australia’s Managing Director, Sherwood Luo, said: “Greenland Australia remains committed to the Australian market and its extensive pipeline of local development projects.
“We have a forecast investment pipeline of $3 billion in Australian commercial and residential property projects – as well as Greenland Centre Sydney, we are also focused on our joint venture project with GH Australia, Park Sydney in Erskineville.”
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