Radisson Darling Harbour on the market for $40m
A hotel in Sydney’s Darling Harbour has been put up for sale with price expectations of over $40 million.
The 100-room Radisson Hotel Darling Harbour was developed and operated by Shokai Ausbao and comprises 76 strata freehold serviced apartments and leasehold interests in 24 serviced apartments.
The mixed-use asset includes a freehold interest in the lobby, conference space, retail and eight car parking spaces.
Radisson has operated the hotel under franchise agreement since its 1998 opening but early termination with the hotel operator would allow an incoming buyer to purchase the hotel with freehold vacant possession.
“[This] permits an incoming purchaser to buy with the franchise agreement or introduce their own preferred operating structure, a very rare offering in Sydney’s tightly-held hotel investment market,” said Colliers head of hotels Gus Moor.
The expression of interest sale closes on May 18.
Sheridan Randall, 23rd April 2020
