Hotel & HospitalityLindsay SaundersTue 01 Sep 26
Singapore’s Hoi Hup Makes Debut Sydney Play with $200m Deal
A Singapore-based investor has entered the Australian property market after laying down $201.8-million to acquire a 309-key hotel in Sydney’s Tech Central precinct.
Hoi Hup Realty has bought the Four Points by Sheraton Sydney, Central Park as its first Australian property investment.
Founded in 1983, Hoi Hup has delivered more than 7300 homes and holds total assets in excess of $2.2 billion.
The hotel at 88 Broadway, Chippendale, is in Sydney’s Tech Central precinct and was sold through a campaign run by JLL Hotels & Hospitality and CBRE Hotels.
JLL’s Gus Moors and Andrew Langsford and CBRE Hotels’ Michael Simpson handled the sale.
Moors said the campaign attracted strong interest from domestic and international investors, with investment-grade Sydney hotels tightly held.
The hotel opened in late 2018 and has undergone capital works including the conversion of an under-used conference floor into 12 additional guest rooms.
The ground-floor food and beverage offering has also been renovated and repositioned to cater to the growing residential and student population around the precinct.
The property has 309 rooms, including 45 suites, along with the Dizzy Bird bar and restaurant, a fitness centre, 44 car spaces and 270sq m of conference and meeting space.
Marriott International operates the hotel under its Four Points by Sheraton brand.
The hotel is near Central Station, Chinatown, Surry Hills, the University of Sydney, UTS, the University of Notre Dame and Darling Harbour.
Tech Central is undergoing major commercial development, including the $2.5-billion Central Place Sydney project by Dexus and Frasers Property, which will deliver more than 140,000sq m of office space.
Atlassian is also developing its $1-billion, 39-storey headquarters near Central Station, with about 4000 employees expected to work from the building.
