One of Sydney’s newest hotels, the Vibe Hotel Sydney Darling Harbour, has been sold for $108m
Vibe Hotel Sydney Darling Harbour sold for $108m
145-key, 4.5-star hotel
Deal negotiated by JLL Hotels
One of Sydney’s newest hotels, the Vibe Hotel Sydney Darling Harbour, has been sold for $108m to a new entrant into the Australian market.
The 4.5-star hotel opened at the end of last year and features 145-keys, restaurant & bar, and heated swimming pool.
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.
The Hotel was designed by WMK and developed by Sydney based developer - Icon Oceania.
Operated under a management agreement with TFE Hotels, which comprises 73 hotels with 10,374 keys across Australia, New Zealand, and Europe.