Brand New Vibe Hotel Darling Harbour Sydney Sold
Opportunity to enter the Sydney hotel market hotly contested
Sydney, 5 March 2020 - JLL Hotels & Hospitality Group is pleased to announce the sale of one of Australia’s newest hotels, Vibe Hotel Darling Harbour Sydney for AUD 108m. JLL Hotels & Hospitality Group’s Craig Collins and Andrew Langsford negotiated the transaction.
Sold to a first-time buyer in the Australian hotel market, the brand new 4.5-star Sydney CBD hotel, which only opened late last year, features 145 modern guest rooms, together with ‘Above 319’ - a landmark rooftop bar and swimming pool capturing the city’s skyline.
Andrew Langsford, Senior Vice President said, “This is the first acquisition of a major Sydney CBD hotel for several years. The campaign attracted a huge amount of global investor interest.”
The Hotel was designed by award-winning architecture firm WMK and delivered by experienced Sydney based property group, Icon Oceania, with investments from Asia Pacific fund manager, Aura Group and Karbon Property. Icon Oceania is also behind ‘Calibre’ Surry Hills, a luxury residential development designed by renowned architect, Koichi Takada.
Craig Collins, CEO of JLL Hotels & Hospitality Group commented, “It is very difficult to buy a quality CBD hotel in Australia at present. Most owners who have purchased hotels over the past few years are very happy with their investments and intend to hold long-term even though they may be sitting on very large capital gains. They believe in the long-term growth story of the Australian hotel market and many wish to buy more assets and not sell. When quality hotel assets do come onto the market like the Vibe Darling Harbour Sydney, competition is very strong, as buyers do not know when the next opportunity to buy a quality asset will come up.
Icon Oceania Director Nico Tjen, said “We are very proud of the Hotel and that it is a great addition to the iconic hotel market of Sydney. Strong investor interest allowed us to undertake a transaction and pursue other opportunities.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.