Australia: Skye Suites Sydney, a five-star serviced-apartment property in Sydney’s CBD, has been sold to Furama Hotels International in what has been reported as the city’s largest hotel sale so far this year.
The 73-room property, part of the 25-storey Arc by Crown development, was marketed alongside the ground-floor retail precinct Our Skittle Place by HTL Property and Stonebridge Property Group.
The deal followed a competitive campaign that drew over 300 enquiries and more than 20 formal bids. Despite the change in ownership, the hotel will continue trading under the Skye Suites brand.
Andrew Jackson, national director of accommodation at HTL Property, said: “Sydney stands out as one of the most attractive hotel investment markets in the Asia-Pacific, alongside Tokyo as the two most popular destinations for international capital.”
Stonebridge Property’s national director, Lincoln Blackledge, said: “The over-sized suites, high specification of finishes, and recent construction were all contributory factors to attracting the ‘who’s who’ of bidders and driving Sydney’s biggest hotel sale this year. The excellent trading performance as well as the ability to purchase the hotel with or without the existing business broadened the appeal of the offering and led to the intense bidding.”
Built in 2018, Skye Suites Sydney offers luxury serviced apartments with amenities including a rooftop courtyard, fitness centre, and a pool. Furama acquired the site at a price of A$68 million ($44.5 million).
Furama has more than 40 hotels and 7,500 rooms under management across APAC. The 370-room Furama Darling Harbour, its one other Australian hotel, is also located in Sydney.
Highlights:
• Skye Suites Sydney has been sold to Furama Hotels International for A$68 million (US$44.5 million).
• It received more than 300 enquiries and 20 formal offers during the bidding process.
• The 73-room, five-star serviced-apartment property was built in 2018.
• The deal also included the retail precinct Our Skittle Place.
