The Palisade Hotel in Sydney was sold last year for a reported $20 million to British entrepreneur Richard Sapsford, who launched a $5 million renovation that included a popular new rooftop bar.
But just a year later, the hotel is back on the market, now for $30 million. Sapsford, sources say, is selling the property for “personal reasons.”
JLL Hotels & Hospitality Group are marketing the property; and National Director of Investment Sales John Musca said that revitalization of the Darling Harbour precinct, local development and a major boost in tourism to the area will keep the hotel profitable.
Peter Harper, EVP of investment sales with JLL said that the mix of location and renovation will attract interest from both local and international hotel groups and operators.
“Given its accommodation component and incredibly unique real estate fundamentals, Hotel Palisade represents a trophy asset for international owners, delivering a one-of-a-kind experience and globally appealing property,” he said.
Expressions of interest are now open, and will close on November 30.