Greenland has put the 5-star, 172-key Primus Hotel to the market
172-key Primus Hotel in the Sydney CBD
JLL Hotels advising on the transaction
Part of a larger project including an adjacent residential tower
The landmark five-star Sydney CBD Primus Hotel is reported to be in the market.
China's Greenland Group developed the 172-room hotel as part of a larger project including an adjacent residential complex.
Greenland Australia managing director Sherwood Luo said, “Given the numerous recent unsolicited approaches received from both hotel investors and operators Greenland Australia has decided to offer Primus Hotel”. The asking price has been reported as $170m.
JLL Hotel and Hospitality’s Mark Durran is advising on the transaction and said “The Primus Hotel is the first major five-star Sydney hotel to be offered in many years, and given the scarcity of such opportunities will be highly sought-after by an array of domestic and offshore investors”.
Not all Sydney hotel development deals have been as successful. Notably, Singapore group SC Capital Partners had approval for a hotel and office tower on the site of Sydney’s Bligh House office building, however after a campaign to find a partner the group decided it will instead just refurbish the offices.
Meanwhile, the 17 hotel Accor Invest Australia portfolio, worth around $200m, is back in the market after the collapse of a sale to fallen investor Michael Gu. Mr Gu has since fled the country, owing investors around $350m.