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News release

Sydney

Metro Sydney Central Hotel For Sale


Sydney, 18th March 2010 – Jones Lang LaSalle Hotels has been exclusively appointed to sell the Metro Sydney Central Hotel.

Located at 431-439 Pitt Street Sydney, the hotel is close to World Square, Central Station, Chinatown and Darling Harbour, as well as other commercial and office buildings in the CBD.

Featuring 220 rooms, the hotel comprises a large restaurant, bar, conference rooms and rooftop swimming pool. Mark Durran, Jones Lang LaSalle Hotels’ Executive Vice President – Investment Sales said: “Metro Sydney Central is a rare opportunity to acquire a substantial CBD freehold hotel with vacant possession in the Sydney CBD with redevelopment potential as the Sydney hotel market’s upswing gathers pace”.

Recent results from the Smith Travel Research Global shows the hotel market in Sydney has continued to recover with a significant upward trend since mid 2009. Occupancy levels in the city from August 2009 to January 2010 have consistently matched or exceeded the corresponding months in 2008, with October 2009 recording the highest jump of 11.1%.

Situated on a prime freehold corner site, there is the potential to convert the Metro Hotel Sydney Central to residential apartments or expand the hotels gross floor area. In 2004, development consent was granted for a 107 residential apartment redevelopment.