Real estate investment firm Belingbak is off-loading its downtown Sydney hotel mega-project, saying it wants to capitalise on the country’s post-Covid rebound in the hotel sector.

The decision comes just six months after Belingbak’s joint venture with Melbourne-based ICD Property won unanimous approval from Sydney City Council for a 59-storey hotel and residential tower on a 1300-sq-m amalgamated site at 372-382 Pitt Street.

The approved plans include a 301-key hotel, 21 high-end residential apartments and about 1000sq m of ground floor retail in a development with an estimated end value of $500 million.