The Ascott Limited & Qatar Investment Authority have paid $202m for a 252-key hotel that is scheduled to be delivered in 2021.
The yet to be built Citadines Walker North Sydney will be part of a 48-storey mixed-use tower
252 keys, restaurant, rooftop bar and 13,000sqm of office
Scheduled to be delivered in 2021
The Ascott Limited and Middle East sovereign wealth fund, the Qatar Investment Authority, have paid $202m for a 252-key hotel that is scheduled to be delivered in 2021.
The yet to be built Citadines Walker North Sydney will occupy the lower part of a 48-storey mixed-use tower at 86-88 Walker Street in North Sydney and will be developed by local developer Billbergia.
The purchasing enitity is the Ascott Serviced Residence Global Fund, a US$600m JV set up in July 2015.
Once completed, the Citadines hotel will offer 252 apartments, a restaurant, rooftop bar, meeting rooms, business centre, executive lounge and gymnasium. Above the Hotel will be 13,000 square metres of office space across 21 levels.
The Ascott owns or operates approx. $10.7 billion worth of assets comprising 112,000 serviced apartment units across 700 properties. The group intends to increase this to 160,000 units by 2023.
Among the fund's assets is a $71 million Quest apartment hotel recently completed at Melbourne's Docklands.
Separately, The Ascott has also invested in three Quest Sydney properties through its listed property trust, Ascott REIT.
In March, Ascott REIT lifted its Australian hotel portfolio to over 900 rooms after buying the 150-room Felix Hotel at Sydney Airport for $60.6 million.
The Ascott Limited, a subsidiary of listed real estate powerhouse CapitaLand, also owns 80 per cent of serviced apartment franchise group Quest.