Amid a pandemic that has wreaked havoc on the travel industry, the Ibis Sydney King Street Wharf has been placed on the market by Mark Durran of JLL Hotels and Hospitality Group and Michael Simpson and Tom Gibson of CBRE Hotels. The vendor is Aldprop Pty Ltd, owned by Jerry Schwartz of Vaucluse.
The Ibis Sydney King Street Wharf is an eight-storey hotel comprising 91 rooms. It was built in 2009 and majorly refurbished in 2017. The hotel features a restaurant and bar, plus an on-site gym. Located close to the waterfront on King Street Wharf the hotel is also minutes away from business and tourist destinations of Barangaroo and Darling Harbour.
The hotel is for sale by expressions of interest closing 19 April 2021. It last traded at $24.1 million in 2013. That sale represented an initial yield of 7.26% on passing income of $1,750,000.