The Rydges Sydney Airport Hotel for sale JLL and CBRE
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The Rydges Sydney Airport Hotel for sale JLL and CBRE
JLL Hotels & Hospitality Groups Mark Durran & CBRE Hotels Wayne Bunz have been appointed as the exclusive marketing agents for The Rydges Sydney Airport Hotel which opened eight years ago and has since benefited from extensive capital expenditure works.
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CBRE JLLJLL Hotels & Hospitality Groups Mark Durran & CBRE Hotels Wayne Bunz have been appointed as the exclusive marketing agents for The Rydges Sydney Airport Hotel which opened eight years ago and has since benefited from extensive capital expenditure works.
The Rydges Sydney Airport Hotel has been listed for sale in what is expected to be one of the year’s largest single asset transactions.
JLL Hotels & Hospitality Groups’ Mark Durran & CBRE Hotels’ Wayne Bunz have been appointed as the exclusive marketing agents for the property, which opened eight years ago and has since benefited from extensive capital expenditure works.
The hotel features 318 guest rooms, three food and beverage venues, including an impressive top floor bar, 11 conference and meeting facilities, and both a business and fitness centre.
The commencement of the global roll out of COVID-19 vaccines and consequent indications that international travel will be recommencing this year have prompted the owners to launch the sale campaign following the receipt of several unsolicited buyer approaches in recent times.
The campaign is timed to capitalise on the new trans-Tasman travel bubble, which started with New Zealand this week.
Mr Bunz said, “On-airport hotels are expected to be an immediate beneficiary of the rebound in international travel and this particular property will continue to command a significant rate premium over competing hotel located farther afield. The asset has had an enviable historical track record for superior trading performance, with occupancies significantly higher than the Sydney average and most CBD hotels. This is the only hotel at an airport terminal in Sydney and we expect it to command a premium price.”
JLL Hotels Mark Durran added, “While the hotel has been very well managed by Event Hospitality under their Rydges brand, vacant possession can be obtained, providing owner-operators and alternate management companies with substantial brand exposure. Prime investment grade hotel assets in strategic locations such as the Sydney Airport precinct, particularly those offering vacant possession, are highly sought after and prices remain solid.”
Mr Durran said this had been evidenced in the recent sale of the Primus Hotel, Sydney which traded at approximately $132,000,000 ($767,000 per room) reflecting a historically low investment yield.
The Rydges Sydney Airport Hotel is being offered for sale via an Expression of Interest campaign ending 31 May, 2021.
To request a copy of the Information Memorandum please contact either of the marketing agents JLL Hotels & Hospitality Groups’ Mark Durran & CBRE Hotels’ Wayne Bunz via the contact forms below.
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