One of Sydney's newest CBD hotels, the 4.5 star Vibe Darling Harbour, has been snapped up by a first-time buyer in the Australian hotel market for $108 million.
Langsford said the sale of the asset, which also includes a rooftop bar and swimming pool, was the first of its kind in some time.
“This is the first acquisition of a quality Sydney CBD hotel for several years. The campaign attracted a huge amount of global investor interest,” Langsford said.
Restricted stock in the city's hotel market has kept a lid on recent transactions.
JLL's chief executive Craig Collins said the rare opportunity to enter Sydney's hotel game was hotly contested.
“It is very difficult to buy a quality CBD hotel in Australia at present," Collins said.
“Most owners who have purchased hotels over the past few years are very happy with their investments and intend to hold long term even though they may be sitting on very large capital gains.
“They believe in the long-term growth story of the Australian hotel market and many wish to buy more assets and not sell.
When quality hotel assets do come onto the market like the Vibe Darling Harbour Sydney, competition is very strong, as buyers do not know when the next opportunity to buy a quality asset will come up.”
Icon Oceania's director Nico Tjen said the company—whose other projects include the Koichi Takada-designed Calibre apartments in Surry Hills—was very proud of the hotel and the opportunities afforded by the sale.
"Strong investor interest allowed us to undertake a transaction and pursue other opportunities,” Tjen said.