Sydney Airport hotel sale tipped to be the hottest of the year

A hotel just 100 metres from Sydney International Airport has been listed for sale as Australia prepares for a rebound in international travel.

The Rydges Sydney Airport Hotel had previously received several off-market offers, leading its Sydney-based investor owners to position the asset for sale.

It’s anticipated to be the single largest transaction of the year, with about $270 million expected for the 318-room building.

The hotel is being sold as a vacant possession by CBRE Hotels’ Wayne Bunz and JLL’s Mark Durren, and Mark says vacant possession will provide the eventual buyers with significant brand exposure.

“Prime investment grade hotel assets in strategic locations such as the Sydney Airport precinct, particularly those offering vacant possession, are highly sought after and prices remain solid,” he says.

Investors are confident the results of recent sales, including Sydney CBD’s Primus Hotel, which sold for $132 million, and the $620 million sale of the Travelodge portfolio, will be reflected in the sale of the Rydges.

CBRE Hotels’ Wayne says the site’s location gives it a significant advantage over other hotels.

“The asset has had an enviable historical track record for superior trading performance, with occupancies significantly higher than the Sydney average and most CBD hotels,” he says. “This is the only hotel at an airport terminal in Sydney and we expect it to command a premium price.”

Apart from its 318 rooms, the hotel features three food and beverage venues, including a top-floor bar, 11 conference facilities, and a business and fitness centre.

It’s the first time the hotel has been offered for sale since its development eight years ago, with the campaign timed to capitalise on the new trans-Tasman travel bubble, which started with New Zealand this month.

The Rydges Sydney Airport Hotel is being offered for sale via an expression of interest campaign ending on May 31.

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