While the Hotels have previously been sold as part of a portfolio offering this campaign represents the first time they have been offered separately to the market since they were built in the 1990's. The owner of the Properties, the Trust Company (Australia) Limited as trustee for Pearl Hotels ZC 2013 Trust ("Pearl" or "Vendor"), is offering to sell them together as a portfolio or separately.
Since the Hotels were built, much has changed in the Darling Harbour precinct, which now sits as the pre-eminent tourism and entertainment precinct for the entire City of Sydney. The Hotels have not only played a part in that change, but benefited greatly in terms of their strong revenue and enviable profitability. With the multitude of recent developments around the precinct and the announcements of new projects, such as the $1.5 billion Mirvac Harbourside redevelopment and the Sydney underground metro, Darling Harbour will continue its evolution as a true mixed-use extension of the CBD, expanding its reputation as an entertainment venue to take in new offerings that include residential, retail and commercial office.
Combined, the two Hotels offer 781 upscale and midscale hotel rooms, along with dining and conferencing amenity. As two of the first hotels in Australia for the French based Accor brand, these properties hold a special place in Accor's history. Accor is enthusiastic about the next phase of life for these properties.
Occupying approximately 1.1 hectares, the Novotel site is ideally placed to benefit from substantial development uplift that could see a material increase in height and commensurate FSR. Preliminary exploration work has been undertaken by Pearl to identify this potential.
This sale represents the perfect combination of a highly profitable, income generating business on a site that offers expansive development potential in a location that is irreplaceable.
The Portfolio is being offered for sale by Expression of Interest closing Monday, 25 October 2021 5:00pm (AEDT).