Frasers Hospitality Trust owned Sofitel Sydney Wentworth sold to KKR AUD$315m by CBRE
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Frasers Hospitality Trust owned Sofitel Sydney Wentworth sold to KKR AUD$315m by CBRE
CBRE Hotels announced landmark sale of the Sofitel Sydney Wentworth sold to joint venture partners Futuro Capital, Marprop Real Estate Investors & KKR & Co. Inc. Michael Simpson Managing Director CBRE Hotels said, “The sale of this iconic 436-room hotel represents the largest single hotel asset sale in Australia since 2015”.
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CBRE HOTELSCBRE Hotels announced landmark sale of the Sofitel Sydney Wentworth sold to joint venture partners Futuro Capital, Marprop Real Estate Investors & KKR & Co. Inc. Michael Simpson Managing Director CBRE Hotels said, “The sale of this iconic 436-room hotel represents the largest single hotel asset sale in Australia since 2015”.
CBRE Hotels announced the landmark sale of the Sofitel Sydney Wentworth sold to joint venture partners Futuro Capital, Marprop Real Estate Investors & KKR & Co. Inc.
KKR has bought the five-star Sofitel Sydney Wentworth in Sydney for A$315m (€204m) from Singapore-listed Frasers Hospitality Trust.
It is KKR’s first foray into a major hotel acquisition in Australia, although it bought a A$200m portfolio in 2019 from a supermarket chain Coles.
Michael Simpson Managing Director CBRE Hotels said, “The sale of this iconic 436-room hotel represents the largest single hotel asset sale in Australia since 2015 and highlights the investor confidence for core-CBD Australian hotel investments.”
“This is the second sale in Sydney CBD negotiated by CBRE Hotels in as many months following the sale of Adina Martin Place.”
A release to the Singapore Stock Exchange, Chief executive of FHT Trust, Eu Chin Fen, said,” The divestment was in line with its active portfolio management strategy to periodically evaluate divestment opportunities to recycle capital for better returns. Despite the ongoing COVID-19 pandemic, FHT had achieved an attractive sale price for the asset. “Our title restructuring has enabled the unlocking of a value greater than if Sofitel Sydney Wentworth had been sold as a leasehold property,” she said.
“By doing so, we are unlocking the underlying value of Sofitel Sydney Wentworth at an optimal stage of the property’s life cycle and enhancing returns for our stapled security holders.”
The transaction represents a sale price of $722,500 per key.
For further information on the sale, please contact the selling agents Michael Simpson and Tom Gibson of CBRE Hotels via the below contact details.
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