The Sofitel Sydney Wentworth has been put up for sale.
The property’s owner, LaSalle Investment Management, has appointed sister company Jones Lang LaSalle Hotels & Hospitality (JLL Hotels) to broker the deal. Located in the centre of Sydney, the Sofitel includes 436 rooms and suites, plus two F&B outlets and a substantial amount of conference and banqueting space.
And with occupancy levels in Sydney currently averaging around 80%, JLL said it expects the hotel to attract significant interest.
“Sydney continues to be a focus of investors globally and we are anticipating very strong international investor interest in this asset, particularly because of its attractive income yield,” said Craig Collins, JLL Hotels’ CEO for Australasia.
“It’s important to note that a number of other five-star hotels have sold in Sydney over the past two years and are now in the hands of traditionally long-term holders, this may be the last chance for a considerable time for investors to acquire a prime freehold Sydney hotel.”
The asking price for the hotel has not been revealed, but Accor is expected to continue operating the Sofitel Sydney Wentworth after its sale.