Seasons Harbour Plaza Sydney for sale by Expressions of Interest.
Colliers International has been appointed to sell the strata asset currently trading as the Seasons Harbour Plaza Sydney, following a unanimous agreement by the Owners Corporation.
As the first hotel asset to be offered in Sydney under changes to the Strata Schemes Management Act, 252 Sussex Street represents a unique opportunity as one of only a handful of hotels to be offered for sale in recent years.
Price expectations are over $70 million, with the hotel currently operated under a lease agreement with Seasons Apartment Hotel Group, however, vacant possession is also available to an incoming purchaser.
“In one of the most tightly held markets in the country, the sale of Seasons Harbour Plaza Sydney represents an incredibly rare opportunity to secure a hotel asset with immense opportunity,” said Gus Moors, Head of Hotels, Colliers International.
“The prime central CBD location, within walking distance to public transport, entertainment districts and the new International Convention Centre, means we expect a high level of interest from domestic and international buyers.”
The Hotel incorporates 119 apartment sized rooms over 19 floors ranging from 30 sqm for a studio to 157 sqm for a loft penthouse apartment and with an average size of 47 sqm. The offering also includes a rooftop indoor heated pool, sauna, gym, restaurant with street frontage access and 34 car parking bays over four basement levels.
“With limited buying opportunities in Sydney and a positive outlook for hotel performance, the sale offers a unique opportunity to secure a strategic position in the CBD,” said Karen Wales, Director of Transaction Services, Hotels at Colliers International.
“The Sydney CBD hotel market has consistently high occupancy levels over an extended period and Average Daily Rates (ADR) have been increasing sharply over recent years as owners capitalise on the continuing strength of the market.”
The property is being offered For Sale by Expressions of Interest closing 14th September at 4:00pm AEST.