A collection of four boutique hotels on Sydney’s lower north shore is being brought to market on behalf of the Emerald City Hotel Group.
CBRE Hotels has been appointed to market the high-profile properties, which are available in-one-line or individually.
The owner-operated portfolio includes a mix of hotels, ranging in size from 16 rooms to 70 rooms. Each offers rich heritage with a modern twist, with the properties presenting short- to medium-term repositioning opportunities, including brand conversion and residential development.
CBRE Hotels Director Tom Gibson said; “The sale campaign presents a strategic opportunity to enter the Sydney boutique accommodation market with a platform offering scale, diversification and repositioning upside.”
The portfolio offers 142 rooms across four assets, including the budget accommodation offerings of Dalziel Lodge in North Sydney and Glenferrie Lodge in Kirribilli, together with the higher positioned operations of Cremorne Point Manor and The Albert in Mosman.
The Albert is the latest addition to the Emerald City family following a $12 million restoration of the heritage property to be Sydney’s newest 5-star boutique hotel, offering 26 suites.
Founder of the Emerald City portfolio Jean-Claude Branch noted; “There is something special about restoring a heritage site and breathing new life into it. All four hotels were a result of positive engagement with the North Shore community and a lot of blood, sweat and tears.”
The former Telopea mansion was designed by architect Andrew Tzannes and retains many of its original Victorian features, whilst adding a modern twist, which is a consistent feature across Emerald’s other hotels at Cremorne Point Manor, Dalziel and Glenferrie Lodge.
Mr Gibson added; “Glenferrie Lodge’s prime Kirribilli location near the Sydney Harbour Bridge also underpins the site’s medium-term value as a potential conversion into a luxury residential development offering iconic views of Sydney Harbour.”
Mr Tran noted; “The location of these hotels is a distinct advantage, with each property being a short stroll to an array of leisure demand drivers, as well as a one stop ferry trip into Circular Quay.”
Expressions of Interest close Wednesday, December 9.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.