Despite trading at low occupancy levels throughout the Covid 19 pandemic, the 99-year leasehold of the Capitol Square Hotel in Sydney’s Haymarket has sold for $26 million. Gus Moors, Karen Wales, Steam Leung and Joseph Lin of Colliers International sold the hotel on behalf of New Landmark Hotels Pty Ltd, a private company associated with property investor, Mr Chandru Tolani.
The hotel is the 94-room accommodation space that is part of the Capitol Square development. This development, formerly Watkins Terrace, was originally a 3-storey building built circa 1880. It was strata subdivided and redeveloped in 1997 as a 6 level retail/boutique hotel complex including a theme pub, retail component on ground and level 1 and a 94 room boutique hotel accommodation on levels 2-5. There is also five levels of basement parking for 120 cars. The retail space has a total area of almost 5,000 sqm across three levels. 
The hotel component last traded at $12 million in 2003.