Park Hyatt Sydney Sold for $201.6 million
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Park Hyatt Sydney Sold for $201.6 million
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Category: Asia Pacific
This is a press release selected by our editorial committee and published online for free on 2007-12-24
Jones Lang LaSalle Hotels is delighted to announce on behalf of MFS Limited’s wholly-owned subsidiary McLaughlins Financial Services Limited (MFSL), the Responsible Entity for the PH Sydney Hotel Trust, the sale of the Park Hyatt Sydney, Australia. Australia’s pre-eminent five star Hotel sold to a private Japanese property investor for $201.6 million.
Representing a price of $1.276 million per room for the iconic 158-room hotel, the price is an Australian record on a per room basis.
“The incoming owner beat an international line-up of quality property investors,” said Mr Mike Batchelor, Managing Director Investment Sales, Jones Lang LaSalle Hotels. He added, “The sale demonstrates the ongoing positive investor sentiment for Sydney's hotel market as well as confidence in Asia Pacific’s hotel and tourism sector.”
“The purchaser is likely to benefit from the favourable market fundamentals, development upside associated with the asset and the security associated with a long-term management agreement to Hyatt International Corporation,” said Mr Batchelor.
Park Hyatt Sydney is uniquely positioned on the water's edge of Sydney Harbour and enjoys spectacular unrestricted views of the famous Harbour Bridge and Sydney Opera House. “The property is the envy of hotel investors and operators alike, consistently achieving the highest average daily rate in Australia for any CBD internationally branded hotel,” said Mr David Gibson, CEO Asia Pacific, Jones Lang LaSalle Hotels.
The Hotel features 158 luxury guestrooms and suites, a Tony Chi designed restaurant and bar, club bar, cafe, conference facilities, business centre, heated rooftop swimming pool, day spa, gymnasium and secure underground car parking for 77 vehicles. The large 4,592sqm harbour-front site is leased from Sydney Harbour Foreshore Authority (SHFA) on a 99-year term.
Total hotel transaction volume in Asia Pacific has almost doubled during 2007 when compared to 2006 to reach US$12 billion. Hotel transaction activity in Australia has reached AU$1.6 billion for 2007 year to date, surpassing the 2006 total of AU$1.2 billion.
MFSL had managed the Park Hyatt Hotel on behalf of 2,400 retail investors in the PH Sydney Hotel Trust since September 2005, with unit holders voting overwhelmingly in favour of the sale at an Annual General Meeting in October 2007.
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