New branding opportunity as Pyrmont hotel sells for $29m
A 60-room hotel in Sydney’s Pyrmont has been sold to a family business for $28.7 million.
Located at 131-133 Murray Street, the 100 per cent freehold property was sold by IGB, with the new owner able to appoint a new operator and reposition the property.
The hotel was sold by Jordan Lee, Andy Hu and Michael Simpson, of Savills Australia.
"Quality offerings like this continue to attract interest from domestic and global capital which has been unsatisfied due to a shortage of available investment-grade hotels for sale in Australia," said Simpson.
"This year, we expect to see owners taking advantage of these market dynamics and seek to realise some profit on their hotel holdings."
Sheridan Randall, 4th March 2020
