Hotel & HospitalityLeon Della BoscaThu 24 Sep 26
Mulpha Settles $390m Deal for Stake in Sydney Harbourside Hotels
Developer and hotel investor Mulpha Australia has settled a deal to acquire a third of the two high-profile Sydney hotels.
Sun Hung Kai & C. and Wentworth Capital are its in the $390-million deal with the Abu Dhabi Investment Authority for the stake in Novotel Sydney on Darling Harbour and ibis Sydney Darling Harbour..
The hotels are on a 1.5ha site on the Pyrmont Peninsula, 1km west of the Sydney CBD. In total, the hotels comprise 781 rooms 525 at the Novotel and 256 at the ibis.
Accor will remain the operator of both.
Mulpha made the deal after selling several non-core assets during the past 12 months as part of its plan to redeploy capital into assets that suit the group’s skills and long-term goals, it said.
Mulpha Australia head of hotels, hospitality and leisure Marcus Hanna said the Novotel and ibis were substantial, well-established hotels in one of Sydney’s most important tourism and business precincts.
“Their scale, location and long-term potential make them a compelling addition to Mulpha’s hospitality portfolio,” he said. “Mulpha brings extensive hotel ownership, operational and asset management experience to the partnership.
Other hotels in the Mulpha stable include InterContinental Sydney, InterContinental Hayman Great Barrier Reef and InterContinental Sanctuary Cove Resort.
Bimbadgen and The Lane Retreat in the Hunter Valley as also part of its hospitality portfolio, as are properties at Perisher in the NSW alps.
Mulpha lost a Land and Environment Court challenge in late July against Metrics Credit Partners’ redevelopment of the Sir Stamford Hotel, which neighbours its InterContinental Sydney, .
One source indicated Mulpha had been interested in buying the site or blocking a rival project next door, with reports suggesting Metrics may now build a hotel there instead of apartments.
Mulpha is also progressing its $1-billion Norwest Quarter renewal in Sydney’s north-west, after the $794-million concept masterplan of nearly 950 apartments was approved late last year.
