The hotel that will occupy 23 storeys of a building that will be the tallest tower in North Sydney has been sold for $202 million. Located at 88 Walker Street the property is being sold by interests associated with the developer, Billbergia Pty Ltd, John and William Kinsella.
To be a Citadines Hotel, it will comprise 16 levels of 4-star hotel accommodation, 252 rooms, with an additional 7 levels of associated facilities including an executive lounge, gym, back of house facilities, a sky lobby and restaurant. It will be part of 48-storey building set to be built at an estimated $153 million. The tower will also have office and retail components including a rooftop bar and a financial and business services centre.
The purchasers, who previously partnered to buy the Quest NewQuay Docklands, are The Ascott Ltd and the Qatar Investment Authority (QIA). Singaporean-based Ascott is the world's largest serviced residence owner-operator with over 29,000 operating serviced residence units worldwide. QIA is the sovereign wealth fund of the State of Qatar.
The site last traded at $32.25 million in 2018 plus an additional $6.325 million was paid for the air space above the neighbouring 2-storey Firehouse Hotel.