JLL Hotels & Hospitality Group are delighted to announce the off-market sale of the freehold going concern interest in the Strand Hotel, Darlinghurst.
Impressively reconfigured with a just-completed $3 million renovation, the hotel now offers twenty five, 3.5-star fully unsuited accommodation rooms, 21 valuable GMEs, sought-after 4am trading approval and the proverbial ‘holy grail’ of operating efficiencies with one U-shaped bar layout servicing the entire venue.
Oscars Group sold the asset with a renewed focus on the groups significantly larger hospitality complexes such as the newly relaunched Beachcomber Hotel in Toukley, the Towadgi Beach Hotel and Novotel North Beach Hotel in Wollongong. The Strand will be operated by new inner-city boutique hotel group ‘The People’ with founders Paul Schulte and Andrew Taylor excited to add the venue to their rapidly growing portfolio of six city fringe hotels across the eastern seaboard. These include the Camelia Grove Hotel Alexandria, Norfolk Hotel Redfern and the Exchange and Town Hall Hotels in Balmain.
“Millennials are looking for a local option which is affordable and approachable, but aspirational in terms of the lifestyle perks and options”, Mr Taylor said. “They are seeking cool neighbourhoods”.
John Musca, Managing Director at JLL Hotels & Hospitality Group, suggested that “The transaction was a result of understanding the very different profiles and investment drivers of two important clients and creating a confluence of their needs, with both parties achieving a desired outcome”.
“This is the first of 5 separate Metropolitan Sydney hotel sales in the past 5 weeks that we are about to announce, demonstrating the relentless aggregation appetite within the sector and liquidity reflecting the very strong current market fundamentals”, Musca said.
About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
