Hotel Palisade in Miller's Point sells for $31.5 million
Hotel Palisade in Sydney’s Millers Point has sold to an investment firm for $31.5 million, as hotel transactions keep up their brisk pace in 2017.
The property is in one of the most historic parts of Sydney close to two of the city’s oldest pubs, the Lord Nelson Brewery Hotel and Hero of Waterloo Hotel as well as the Millers Point terrace houses, which are currently being sold off to wealthy occupiers and investors.
The freehold property was sold to First Master Capital, according to hospitality news website The Shout. It is an Epping based company with Chinese born director, Xin He.
Earlier, the Clovelly Hotel in Sydney’s eastern suburbs changed hands for $34 million, while another waterfront pub, the Beach Hotel in Byron Bay, fetched $70 million.
Hotel Palisade was renovated and reopened in late 2015, and enjoys views of Sydney’s Harbour and surrounding areas.
The renovation saw eight boutique accommodation rooms added plus a ground floor public bar, the rooftop Henry Deane Bar and Restaurant as well as some private function rooms.
The property went to the market with expectations of more than $30 million.
The hotel is perched above The Rocks and overlooks Barangaroo Reserve as the multi-storey hotel was originally bought last May by Richard Sapsford, a British entrepreneur, who paid $20 million for it.
He then spent a further $5 million restoring the 1915-built property into a botique hotel and public bar after spending eight years vacant.
In November, the hotel unveiled the Henry Deane rooftop bar and restaurant.
The selling agents were John Musca and Peter Harper of JLL Hotels.
