THE impending sale of Sydney’s rock star hotel, the Park Hyatt Sydney, is set to smash all Australian sale records. Bids exceeding A$180 million will buy the five-star, harbour-front property (on a gross yield rumoured to be around 6%) pricing it at more than $1.13 million per room. It’s not the first time the Park Hyatt will have broken a sales record. In fact that happens every time it changes hands. But it’s fair to say the latest bullish figure reflects a domestic hotels sales market that is hotter than Hades with demand far outstripping supply.
Meanwhile Sydney’s room rates are heading north at a rate of knots – the Park Hyatt boast an average room rate of just over A$500 a room – and there are no new properties on the horizon. Then there’s the location – underneath the Harbour Bridge, smack bang on the water with gun-barrel views of the Opera House. Selling agent Mike Batchelor from JLL Hotels said there’s been plenty of interest from Australia, Asia, the Middle East and North America. Give him a call if you’ve got a few million to spare. Travel Trends: November 1, 2007
EDITOR’S UPDATE: The Park Hyatt sold for A$201.6m, or A$1.267m a room ,which is an Australian record.