Sydney's Capitol Square Hotel sold for $26 million - Colliers International
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Sydney's Capitol Square Hotel sold for $26 million - Colliers International
The Capitol Square Hotel in Sydney has sold for $26 million in a deal negotiated through Gus Moors, Karen Wales, Steam Leung and Joseph Lin of Colliers International.
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Colliers HotelsThe Capitol Square Hotel in Sydney.
The sale of Sydney Capitol Square Hotel to MKH Properties demonstrates continued appetite from investors to secure well-located hotel assets in Sydney’s CBD, Colliers International says.
Gus Moors, Karen Wales, Steam Leung and Joseph Lin of Colliers International sold the 94-room, mid-scale hotel, located at 3 Campbell Street in Haymarket, on behalf of the Chandru Group, an entity associated with the renowned property investor, Mr Chandru Tolani.
Located in the heart of Haymarket, the property is ideally positioned to benefit from the new developments planned for the Central Station precinct.
At a glance:
- Sydney's Capitol Square Hotel has been sold to MKH Properties for $26 million.
- Gus Moors, Karen Wales, Steam Leung and Joseph Lin of Colliers International sold the 94-room, mid-scale hotel, located at 3 Campbell Street in Haymarket, on behalf of the Chandru Group.
- New Landmark have owned property for an extended period and were initially planning to renovate, but instead elected to test the market prior to committing to the refurbishment.
Mr Moors said the hotel had continued to trade through this period, albeit at low occupancy levels.
“This sale represents the first hotel sale in Sydney post COVID and demonstrates continued appetite from investors to secure well located hotel assets in Sydney’s CBD,” he said.
Source: Colliers International
“Following a period of low transaction volumes, we are seeing more activity for the final quarter of 2020, as both sellers and buyers start to develop greater clarity about the road to recovery for the hotel sector."
New Landmark have owned property for an extended period and were initially planning to renovate, but instead elected to test the market prior to committing to the refurbishment.
MKH previously owned the Metro on Pitt hotel, which was compulsorily acquired as part of the Sydney Metro project.
As experienced owners and operators of hotels, they had been seeking a replacement property in the tightly held Sydney market.
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