A Sydney based consortium of private owners has exclusively appointed CBRE Hotels to manage the sale of the Royal Albert Hotel, a craft beer specialist located in the heart of the affluent Surry Hills dining precinct.
CBRE’s Daniel Dragicevich and Ben McDonald have been tasked with the assignment, continuing the trend of bringing inner city hotel businesses to market at a time when Sydney metropolitan stock continues to be tightly held.
Having recently sold the Trinity Bar, Sydney Park Hotel and mid campaign on the Botany View Hotel Newtown, CBRE Hotels National Director, Daniel Dragicevich, believes that boutique hotel operations located in strong retail and dining precincts will continue to perform strongly as the explosion in Sydney’s food and dining scene continues.
Mr Dragicevich noted; “The Royal Albert Hotel is at the centre of Sydney’s craft beer revolution and offers incoming purchasers the chance to tap into what is widely considered the fastest growing niche market in the hospitality industry.”
“Situated moments to Sydney’s Central Station, Campbell Street dining precinct and the flourishing Foveaux Street, The Royal Albert is a venue that will continue its strong F&B offering, and therefore financial performance, for years to come.”
CBRE Hotels Manager Ben McDonald is bullish on the impact of the increased population density in the immediate vicinity of the hotel, and confident that the continued growth of the fringe suburb will have a direct and immediate impact on current trading activities at the hotel.
“With four residential unit projects within 300m of the venue either under construction or due for completion shortly, the biggest issue will be offering new residents a seat at the bar.”
The campaign is scheduled to commence on Friday 12th August 2016, with CBRE Hotels expecting significant enquiry given the current strength of the NSW hotel market.
For Australian/international news or global stories, follow us on Twitter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.