Off market targeted campaign yields strong result
Off the back of our successful Radisson Suites on-market campaign, we encouraged the owners of the Capitol Square to test the market via an off-market campaign which targeted the frustrated Radisson under-bidders and investor groups looking to capitalise on the transformation of the southern CBD.
Using the same team combination of Hotels and Asian Capital Markets, Colliers canvassed the investor market, highlighting to buyers the revitalisation of the precinct through the upcoming Central Station Masterplan development, which will transform the southern fringe of the Sydney CBD.
We worked with PTW Architects to prepare concept drawings of what may be permissible on the site and worked closely with our Colliers Hong Kong office to ensure this option was fully canvassed throughout the Hong Kong investment community.
We received eight bids with a mix of student accommodation groups, co-living and hotel owner-operators.
The property was ultimately sold to the Malaysian Family Office group, MKH who had been looking for a hotel investment opportunity in the Haymarket precinct. MKH have embarked on a renovation of the hotel in order to reposition the property to capitalise on revitalisation of the southern CBD precinct.
“Having observed the process Colliers ran in marketing the nearby Radisson Hotel and Suites, we felt they were well placed to run an off-market process to sell our hotel. The combination of hotel specialists and Asian market agents ensured the property was presented to the right type of buyers. We were pleased with the professionalism and persistence of Colliers and were very satisfied with the outcome.”