Described as "possibly the best piece of property in Sydney", the award-winning Hotel Palisade, spectacularly situated in The Rocks overlooking the Sydney Harbour Bridge, the CBD and Barangaroo, is being offered by JLL Hotels & Hospitality Group for International Expressions of Interest closing Wednesday 30 November.
The hotel enjoys unrivalled views of many of Sydney's famous landmarks and will have an uninterrupted stunning view of the new, internationally designed, Crown Casino and luxury six-star hotel next door at Barangaroo.
John Musca, National Director - Investment Sales, stated, "It's the most spectacular asset I have ever had the privilege of representing, and anyone who has ever been to the Henry Deane roof top bar at 'Palisades' comes away literally speechless at the Harbour Bridge, Barangaroo and city views - it's a one of a kind outlook that can never, ever be built out."
The boutique hotel was subject to a meticulous restoration, renovation and extension programme and now offers eight luxurious hotel rooms, ground floor Public House Bar, spectacular roof top Henry Deane Bar and Restaurant, and a number of unique private function rooms. Re-opened in October 2015 after a complete $5m renovation and standing prominently at the crest of the Millers Point hill, the highly profitable landmark is expected to attract over AU$30 million and is being offered to market for only the second time in 20 years with the owners having received numerous unsolicited offers.
"Amid the tourism boom that is sweeping Sydney and the phenomenal scale of development at The Rocks, adjacent Barangaroo and the neighbouring Darling Harbour Convention Centre area, the hotel is primed to enjoy prominence amongst the City's newest and increasingly populous waterfront precinct. Just like the Opera House and Harbour Bridge, a rooftop cocktail at Hotel Palisade is set to become a must-do experience for visitors to Sydney." Mr Musca said.
Sitting at the heart of the well progressed rebirth of this waterfront area is the AU$3.4 billion revitalisation of Darling Harbour, including over 35,000sqm of exhibition space, a new 600-room luxury hotel, the development of 283,900sqm of new commercial office towers and 800 residential apartments bringing over 33,000 visitors to Barangaroo - right next to Hotel Palisade - every day.
"This incredible harbourside hotel is positioned immediately next to the fastest growing commercial precinct in the country and the beauty is we are seeing the staged completion of these developments as we speak." Mr. Musca said.
"Given its accommodation component and incredibly unique real estate fundamentals, Hotel Palisade represents a trophy asset for international owners, delivering a one-of-a-kind experience and globally appealing property" suggested Peter Harper, Executive Vice President – Investment Sales. "The property would also be a highly publicised boutique addition for a range of domestic and offshore hotel groups and hospitality operators," he continued.
Tourism in Sydney is experiencing an unprecedented growth in arrivals with Sydney Airport traffic forecast to more than double to over 74 million passengers on the back of increased international and domestic visitation, delivering some of the highest room occupancies of any gateway city in the world.
Compared to world class boutique hotels and rooftop bars like Soho House, London and the Press Club Lounge in Manhattan, the Hotel Palisade experience is already bringing Hollywood A-listers to the venue. The outstanding asset is quickly establishing itself as the must-do drinking experience in Sydney, much like Singapore's Marina Bay Sands or more historically, The Raffles.
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