Felix by 8Hotels Sydney Airport hotel sold for over $60m - Andrew Langsford JLL Hotels
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Felix by 8Hotels Sydney Airport hotel sold for over $60m - Andrew Langsford JLL Hotels
The latest hotel to open in the Sydney Airport precinct has been acquired for AUD$60.6 million by Singapore-based Ascott Residence Trust in a deal brokered exclusively by Andrew Langsford of JLL Hotels & Hospitality Group.
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JLL Hotels and Hospitality GroupFelix by 8Hotels Sydney Airport hotel sold for over $60m
The hotel, which will be rebranded to Citadines Connect Sydney Airport in May this year, showcases contemporary design across 150 guest rooms and features an impressive top floor area which incorporates reception, an all-day ’Grab & Go’ food and beverage and conference facilities which all have views across Sydney and a unique perspective of the workings of Sydney Airport.
This will be Ascott Reit’s first business hotel in Australia and its first property to be managed by its sponsor, The Ascott Limited (Ascott) under the new Citadines Connect brand.
As Australia’s busiest airport Sydney International Airport catered to 44.4 million passengers in 2018 and is forecast to receive 60.7 million arrivals by 2033, allowing the hotel to capitalise on this growth from its strategic proximity. Additional demand generators near the hotel include the bustling commercial zone and business parks surrounding Sydney Airport at Alexandria, Mascot, Waterloo and Port Botany. Furthermore, Sydney Central Business District (CBD) is within a 15-minute drive or ride by train.
See also: Mantra MacArthur Canberra Hotel for sale
“This transaction highlights the continuing strong demand for the limited quality hotel assets available in the Sydney market, and particularly those outside of the core CBD. The property attracted interest from a range of investor types, both in Australia and across the globe,” said Andrew Langsford, Vice President of JLL Hotels & Hospitality Group.
“The transaction follows JLL Hotels & Hospitality Group’s sale of other hotels in the precinct including the Pullman Sydney Airport, Holiday Inn Sydney Airport and Quality Hotel CKS Sydney Airport. We’ve also recently transacted several hotel assets in the wider Sydney metropolitan area and CBD, which showcases just how desirable the market as a whole is amongst the global investment community.”
8Hotels’ CEO Paul Fischmann said, “We are very pleased with our delivery, positioning and management of this asset and look forward to continuing to work on distinctive boutique hotel projects.”
Ascott Reit’s international portfolio comprises 73 properties with 11,430 units in 37 cities across 14 countries in Asia Pacific, Europe and the United States of America (as at 31 December 2018). Ascott Reit’s serviced residences are mostly operated under the Ascott, Citadines and Somerset brands in key gateway cities.
The acquisition will bolster Ascott Reit’s portfolio in Australia to over 900 units across six properties. Ascott Reit currently owns three properties in Sydney – Quest Mascot, Quest Campbelltown and Quest Sydney Olympic Park, in addition to Citadines St Georges Terrace Perth and Citadines on Bourke Melbourne.
For further information concerning this transaction, or any aspect of the wider Australian hotel market, contact Andrew Langsford via the below contact details.
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