Sydney's Newest Hotel Hits the Market
SYDNEY, Australia, December 7, 2005. On behalf of Ashington Group, Jones Lang LaSalle Hotels has been appointed to market for sale the Diamant Hotel, Sydney's newest boutique hotel. Located in the heart of Sydney's vibrant Kings Cross, the new contemporary hotel comprises 78 rooms and will be operated by the expanding Eight Hotels Group. The 16-storey building is a local landmark and easily recognised being adjacent to an icon synonymous with Kings Cross, the famous Coca-Cola sign.
The property boasts spectacular views of Sydney in every direction. "Diamant is a mere 50 metres from Kings Cross railway station and on the doorstep of many of Sydney's most famous restaurants, cafes, bars and boutiques," said Mr Mark Durran, Senior Vice President - Investment Sales, Jones Lang LaSalle Hotels.
The Hotel investment lot will form part of the mixed use re-development of the former Hyatt Kingsgate (Millennium Hotel). "The redevelopment now known as CROSS+ will also include strata commercial office suites, residential apartments and a retail component," said Mr Durran. Ashington Group, a leading developer of boutique commercial office space within the Sydney CBD and fringe areas, will commence development of the project in early 2006.
Only five minutes drive to Sydney's CBD, the hotel is well positioned to become one of the city's leading boutique hotels in an area undergoing major urban renewal and infrastructure development.
This is a major investment prospect for the next decade and beyond, being a rare opportunity to be part of the cultural transformation of Australia's most densely populated square mile. "The Kings Cross, Potts Point and Darlinghurst area represents possibly the most exciting commercial opportunity in Australia right now," said Mr Durran. "We expect strong interest from private investors, fund managers and syndicators seeking a secure and high yielding commercial property investment," added Mr Durran. "Over the last five years many hotels in this precinct have been re-developed as residential apartments," said Mr Durran. Consequently, there is a lack of quality accommodation choice in this particular part of Sydney which will further underpin the Hotel's long term success
With a stable supply environment and strong demand growth, the Sydney hotel market is expected to continue enjoying strong trading performance results over the next 2-3 years. Ashington Group have leased the hotel component to Eight Hotels Group for an initial effective term of 10 1/2 years with further option terms providing the certainty of a fixed rental. Mr Durran added, "Eight Hotels Group operates a growing collection of boutique hotel properties." Currently, those properties include: Pensione Hotel Sydney, the Kirketon Hotel Darlinghurst and the Hotel Altamont, Darlinghurst.
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