- BGO Strategic Capital Partners & Hotel Capital Partners purchased the Sydney Potts Corner Central Apartment Hotel from Hotel Capital Partners for $31.5 Million.
- CBRE Hotels facilitated the deal. The 73 lots are the largest amalgamation of strata in Australia.
The Sydney Potts Point Central Hotel was sold for $31.5 Million, a major development in the Australian hotel industry. BGO Strategic Capital Partners (a global multimanager) and Hotel Capital Partners of Sydney made the purchase. CBRE Hotels brokered the deal which is the largest strata amalgamation in Australia since the outbreak of the pandemic.
This week the sale was finalized of a hotel that includes 70 serviced apartments and a ground-floor food and drink outlet. A rooftop public amenity, with views of Sydney CBD, is also included. This deal involved 73 lots and was a major transaction for the strata merger landscape.
Potts point Central Apartment Hotel is a 4-star establishment that offers apartments that are on average 23 square meters in size. The property, which was acquired by the company, is known for its art-deco architecture. It is located in one of Sydney’s most desirable regions.
The hotel will undergo a complete transformation under the new owner, and plans are in place to turn the building into a co-living facility. The UKO, Australia’s largest coliving operator, is expected to manage the planned facility. This could bring a new dynamic into the local real estate industry.
The transaction is a major investment in the Australian Hotel Market, and highlights the industry’s resilience amid the current global concerns. According to reports, the sale process generated significant interest. This resulted in 150 inquiries and 15 bids by various parties including developers, high-net worth individuals and owner-operators.
