Sydney's Veriu hotel sells for around $55m
The 112-room Veriu Central Hotel in Sydney's CBD has been sold to a local fund manager for about $55 million.
New owner Tyche Asset Management offers Significant Investor Visa (SIV) compliant funds targeted at wealthy Asian investors seeking to emigrate to Australia with a minimum $5 million to invest.
The hotel was sold under a sale-and-leaseback arrangement with the proceeds of the sale to be channelled into Veriu's development projects in Sydney and Melbourne.
Veriu co-founder Alex Thorpe acquitted the 104-year-old heritage building for $16.4 million in 2011 before being extensively renovated.
“Having rebranded from the Central Station Hotel in 2016, this property has quickly become the cornerstone of our Veriu brand,” said Veriu CEO Zed Sanjana.
“We backed up this re-brand with a sensitive rooms refurbishment that tipped its hat to the heritage aspect of the building, while at the same time drawing on the modern, cutting edge Surry Hills community.”
The site also offers development upside, with an opportunity to build up and add more hotel rooms.
Sheridan Randall, 26th August 2019
