Greenland's luxurious Primus Hotel has been acquired by Pro-Invest Group, after an intensely competitive sale process managed by JLL Hotels and Hospitality Group
172-key Primus Hotel in Sydney's CBD
Purchased by Pro-Invest Group for $132m
Scheduled to complete in August 2021
In the first significant hotel transaction since the onset of the COVID- 19 pandemic, Greenland Australia’s luxurious Primus Hotel has been acquired by Pro-Invest Group, after an intensely competitive sale process managed by JLL Hotels and Hospitality Group.
It is understood Pro-invest paid $132 million for the hotel, which opened in 2015.
Located at 339-341 Pitt Street in the heart of the Sydney CBD, the Primus Hotel features 172 luxury guest rooms and suites together with a lobby bar, restaurant, rooftop bar and swimming pool, as well as 480sqm of conference space and a gymnasium.
“We are delighted with this purchase as it represents Pro-Invest’s first hotel in the Sydney CBD as well as our first property in the luxury sector” said Pro-Invest Chairman Mr Ronald Barrott.
“The Pro-invest team identified the Primus, with its inventory of large guest rooms and suites and expansive lobby, as an exceptional opportunity to rebrand and reposition the hotel towards an upscale lifestyle hospitality offering,” said Pro-invest Co-CEO Jan Smits.
“Despite the industry’s current challenging operating environment, there is no shortage of local and offshore capital seeking to invest in high quality major hotel opportunities,” said Mr Durran, JLL Hotels.
“The strong interest fielded in this exceptional hotel asset reflects a huge vote of investor confidence in the Sydney hotel market’s long-term fundamentals, as well Australia’s enduring appeal as a visitor destination and its status as an investment safe haven.”