A newly-developed 60-room hotel on the fringe of Sydney's CBD has been sold to a Taiwanese family
60-room micro-hotel in Pyrmont
Sold to a Taiwanese family for $28.7m
Average room size is between 14-18sqm
A newly-developed 60-room hotel in Pyrmont, on the fringe of Sydney's CBD, has been sold to a Taiwanese family for $28.7 million.
The nine-level freehold property sits on a 280sqm site at 131-133 Murray Street in Pyrmont and was sold unencumbered by management. It has now been leased for 10 years to Singapore-based serviced apartment company MetroResidences, which is backed by Japanese electronics group Rakuten.
The micro-hotel was recently developed by Malaysian developer, Tan Boon Lee and had originally been set to become the first Cititel X hotel in Australia.
The average room size is between 14-18sqm.