MaxCap Group, one of Australia’s leading real estate financiers has provided Pro-invest Group with a first mortgage facility to acquire the former Larmont Sydney by Lancemore in the highly sought-after suburb of Potts Point.
The 105-room hotel combines luxury boutique accommodation in Potts Point with spectacular Sydney harbour views. The hotel is located within walking distance of the Sydney CBD and just minutes from the best shopping strips, cafes, bars and restaurants.
Having purchased the hotel in February 2023, Pro-invest will undertake a refurbishment and reposition the hotel under the internationally recognised Hotel Indigo brand (part of the IHG Hotels & Resorts (IHG) family of brands). The hotel will offer a design-led creative experience for guests which will celebrate the hotel’s neighbourhood story and the Potts Point locality. Each Hotel Indigo around the world reflects the spirit of their local community.
The hotel is expected to open in Q4 2023.
“We are delighted to be partnering with one of Asia Pacific’s hotel investment and acquisition specialists. As a fully integrated real estate business, Pro-invest’s strategy of acquiring assets and delivering active management, development and operations capabilities to fully integrated real estate business aligns perfectly with MaxCap’s focus on financing quality assets with the potential for significant value-add opportunities,” said Phillip Monsour, MaxCap’s Investment Director NSW.
Sydney leads the strong recovery in the hotel market following turbulence in previous years and remains the most desired investment destination in Australia. The Potts Point hotel submarket is expected to experience contraction in room supply as developers continue to convert old hotels into residential uses.