A local private investor has bought the Westend Hotel in the Sydney CBD for $19 million.
The backpacker hotel runs under the Nomads brand and has 86 rooms over 13 levels.
CBRE Hotels associate director Andrew Jackson said that there were more than 300 inquiries for the property, while 13 offers where made.
“The shortlist comprised largely of offshore groups from mainland China and Malaysia, but ultimately sold to a domestic group who plans to refurbish and reposition the property as a limited service hotel offering to take advantage of the strong Sydney hotel market fundamentals,” Mr Jackson said.
PRICE: $19m
SELLER: Kharita Pty Ltd
BUYER: Private investor
AGENTS: Andrew Jackson and Rob Cross, CBRE Hotels
Source : The Australian Business Review May 18th 2015
