Ace Hotel Sydney, a newly developed, multi-award-winning property in the city’s CBD, has been listed for sale. The property is subject to a management agreement with Ace Hotel Group and is the brand’s first foray into the Southern Hemisphere.
Located at 47-53 Wentworth Ave, the hotel opened in May 2022 and comprises 264 appointed guestrooms and suites, a gym and conference rooms.
The hotel also includes multiple high-quality food and beverage offerings Kiln rooftop bar and restaurant, The Lobby Bar, LOAM and Good Chemistry laneway and bar.
Since opening, Ace Hotel Sydney has become recognised as one of the Asia Pacific region’s best luxury lifestyle hotels, winning a variety of coveted awards including:
- The 19th Annual Hospitality Design Awards, Lifestyle Hotel category
- Ace Hotel / Atelier Ace – Condé Nast Traveler’s The Hot List 2023
- Commendation for Kiln at Ace Hotel Sydney in the Hospitality section of the 2023 Australian Interior Design Awards
- HICAP ANZ’s Development of the Year Award 2023
- AHEAD Asia 2023 – Best Suite (Ace Hotel)
- AHEAD Asia 2023 – Best Restaurant (Kiln)
- Lobby Bar – finalist in the 22nd Annual Bartender Magazine Australian Bar Awards
- 2023 Eat Drink Design Awards: Best Restaurant Design – Kiln, Ace Hotel
CBRE’s Michael Simpson and Tom Gibson are managing the sale via an International Expression of Interest campaign closing Thursday, 2nd May 2024.
“As Australia’s leading economic and tourism hub, Sydney CBD assets are both tightly held and highly sought-after investment opportunities. Operationally, Sydney has recorded strong growth coming out of the pandemic, with RevPAR up 13% for calendar year 2023 vs 2019. It continues to be one of the strongest markets in Australia for 2024 with January RevPAR up 10% vs January 2023, and February being one of the strongest months in Sydney’s history,” Mr Simpson said.
“This sale presents an opportunity to acquire a rare and significant freehold stand-alone hotel in Australia’s key gateway city. The management agreement with Ace Hotels affords the incoming owner with the benefit of operation by one of world’s most iconic and ‘instagrammable’ boutique hotel operators.”
Mr Gibson added, “Despite global economic headwinds, the Australian hotel investment market has shown exceptional resilience, with 2023 recording the second largest year in history for total transaction volume exceeding $2.3 billion, with nine deals transacting over $100 million.”
Sydney remains one of the tightest held hotel investment markets in Asia Pacific with only two hotels transacting over $100 million, including the Waldorf Astoria Sydney to Andrew and Nicola Forrest’s Tattarang, and the Sir Stamford at Circular Quay to JDH Capital for $210.5 million.
“The scale of this opportunity combined with Sydney’s booming hotel and tourism market is expected to underpin high levels of buyer interest from both domestic and international capital sources,” Mr Gibson added.
