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News release

Sydney

Rendezvous Sydney Central Hotel sells in $38 million deal

The Rendezvous Sydney Central Hotel has sold to a private Singaporean Investor for $38 million in an off-market transaction through JLL Hotels & Hospitality Group’s Managing Director – Investment Sales, Mark Durran.


The Rendezvous Sydney Central Hotel has sold to a private Singaporean Investor for $38 million in an off-market transaction through JLL Hotels & Hospitality Group's Managing Director – Investment Sales, Mark Durran.

The four star freehold hotel was sold subject to the existing leases and features 116 guestrooms including three suites, leased retail shop, 28 bay carpark and six conference rooms, restaurant and bar.

The deal continues the strong run of Sydney hotel transactions including The Westin Sydney, Hilton Sydney, Sheraton on the Park, Blue Sydney and Clocktower Square complex including Rendezvous Hotel The Rocks, all brokered through JLL Hotels & Hospitality Group.

"With over $4 billion being invested in and around the International Convention Centre Sydney development, which is set to open in late 2016, surrounding hotels such as the Rendezvous are likely to be key beneficiaries" said Mr Durran.

"The Sydney hotel market continues to show strong growth with latest YTD July STR data showing occupancy rates of 87% and RevPar growth of 6% driven mainly by solid average room rate increases" said Mr Durran.

Melbourne however showed stronger growth than Sydney with RevPar increasing by 6.5% YTD July. Other growth markets included Canberra, Cairns, Gold Coast and Hobart.