Singapore-based Hoi Hup secures landmark investment-grade hotel in Sydney’s Tech Central precinct.
Four Points by Sheraton Sydney, Central Park has been sold to Singapore-based Hoi Hup Realty Pte Ltd (“Hoi Hup”) for $201.8 million, marking the first time the group has entered the Australian property market.
The transaction underscores continued investor appetite for quality hotel assets in Sydney’s central business district.
Gus Moors and Andrew Langsford from JLL’s Hotels & Hospitality Group completed the transaction, in conjunction with Michael Simpson from CBRE Hotels.
“This transaction highlights the ongoing strength of the Sydney hotel investment market,” said Gus Moors, Managing Director at JLL’s Hotels & Hospitality Group. “Investment-grade hotel assets in Sydney remain tightly held, and opportunities to acquire properties of this calibre are rare. The competitive sale process reflected strong interest from both domestic and international investors.”
Andrew Langsford added “Four Points by Sheraton Sydney, Central Park offered investors the opportunity to acquire a modern, well-located asset in the heart of Tech Central. The hotel’s strategic position within this rapidly developing precinct, combined with recent capital improvements, positioned it as an attractive investment proposition.”
The hotel, which opened in late 2018, has recently undergone extensive capital expenditure works, including the conversion of an under-utilised conference floor into 12 new guest rooms, as well as the renovation and re-positioning of the ground floor food and beverage offering to capitalise on the area’s residential density and vibrant student population.
Four Points by Sheraton Sydney, Central Park features 309 guest rooms including 45 suites, together with a recently renovated bar and restaurant (“Dizzy Bird”), fitness centre, 44 dedicated car parking spaces, and 270 sqm of conference and meeting space.
The property is located at 88 Broadway, Chippendale, forming part of Tech Central, a major technology and innovation district in Sydney. The precinct comprises several multi-billion-dollar office projects, including Dexus and Frasers Property’s $2.5 billion Central Place Sydney, which encompasses over 140,000 sqm of office space. A major redevelopment adjacent to Central Railway Station will see Atlassian accommodate 4,000 employees as the anchor tenant of a $1 billion, 39-storey timber tower.
The property benefits from excellent connectivity via Central Station, Sydney’s busiest transport hub, which services trains, buses, light rail, and the recently opened Metro line.
The hotel is located near major demand drivers including Chinatown, Surry Hills, University of Sydney, University of Notre Dame, University of Technology Sydney, and the Darling Harbour convention and entertainment precinct.
The hotel is managed by Marriott International under the Four Points by Sheraton flag.
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