Sydney's Palisade Hotel is selling for $30 million

Palisade Hotel

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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

“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.

Suggested Articles

The S.C.-based restaurant group picked hospitality veteran Larry Spelts to lead its new hotel management and consulting division.

The East Palo Alto, Calif., property features the intelligent gym and personal trainer in select guestrooms.

Infor cloud solutions now connect siloed applications and reduce manual processes for the California resort.