Hong Kong family spends $109m on Sydney hotels
CapitaLand Ascott Trust has sold hotels in Sydney’s North Ryde and Parramatta.
The $109 million deal to the Hong Kong based the Huang family’s Silversea Investments reflects a five per cent rise on October valuations.
It also demonstrates a c4.4 per cent net passing yield.
The deal comes two months since CLAS sold four French apartment building investments for $74.3m (€44.4m).
Proceeds – and those from the suburban Sydney ones – will be tipped into higher yielding assets.
It will retain in Australia some half dozen venues including Pullman Sydney Hyde Park, Citadines Connect Sydney Airport and Quests at Campbelltown, Macquarie Park, Mascot and Sydney Olympic Park.
Another Sydney asset, the Novotel Sydney Central, near Chinatown, is being extended eight levels (story continues below).
Silversea stocks up
The Courtyard by Marriott Sydney North Ryde (pictured, top) is believed to be the priciest of the two Silversea assets; completed in 2004, it includes 196 suites, last publicly valued in December, 2022, at $49.8m.
The Novotel Sydney Parramatta by comparison is 31 years old with 194 units and conference facilities able to accommodate 550. Also boasting the region’s largest column-less hotel ballrooms, it was last appraised in December for $44.1m.
CBRE’s Michael Simpson and Vasso Zographou were the agents.
Silversea, controlled by Frank and Wayne Huang, also owns the Mercure Sydney Parramatta – acquired for $40m in 2016 – Holiday Inn Sydney Airport and Royal Pacific Hotel, in Lane Cove North.
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