Sydney’s five-star The Kimpton Margot Sydney to be sold
Five-star hotel The Kimpton Margot Sydney is now for sale after international fund manager Pro-invest put the property on the market.
Pro Invest purchased the asset from China’s Greenland Group for $131.5 million three years ago when the property was known as Primus hotel. Before that, the site was Sydney’s heritage-listed 1930s Water Board building.
Greenland spent tens of millions renovating the site into a luxury hotel opposite the Gadigal Metro Station and the Parkline Place office block.
The hotel became The Kimpton Margot Sydney in February 2022 and was Pro Invest’s first luxury brand foray into Australia.
The property fronts 339 Pitt St and comprises 172 rooms as well as Luke’s Kitchen by chef Luke Mangan, The Wilmot Bar and a rooftop bar and swimming pool.
CBRE’s Michael Simpson will market the hotel, with expressions of interest closing July 11.
“As Australia’s leading economic and tourism hub, Sydney CBD assets are tightly held and highly sought after investment opportunities,” Simpson said.
Pro-invest founder Ronald Barrott, added: “The Kimpton Margot exemplifies Pro-invest’s ability to strategically reposition and operate underperforming assets and turn them into flagship hotels. Through extensive renovations, the introduction of celebrity dining concepts – Harper, Sydney’s largest open-air rooftop bar – and a focus on unparalleled guest experiences, the hotel’s strong position and performance make it a standout opportunity for institutional investors or family offices looking to gain exposure to Sydney’s thriving luxury hotel market.”
The Kimpton is one of several hotels currently for sale in Sydney including The Golden Ace Hotel Sydney in Surry Hills which is expected to fetch more than $300 million.
Jonathan Jackson, 6th June 2024
