Sold Hotel – The Old Clare Hotel
Colliers are delighted to have advised on the sale of The Old Clare Hotel, located in Chippendale, Sydney to Invictus Developments.
Singapore-based Invictus Developments has continued to build its Australian hotel property portfolio, with the $61.8 million acquisition of the historic The Old Clare Hotel, which stretches across two buildings in Chippendale and within proximity of the proposed NSW Government’s Central Precinct Renewal program.
The acquisition follows Invictus Developments’ recent $25 million purchase of The Inchcolm by Ovolo Hotel at Spring Hill in Brisbane and $52.5 million purchase of an office building at 39 York Street in Sydney – to be refurbished into an upper upscale hotel.
Invictus Developments also purchased of the Harbour Rocks Hotel in Sydney and Quest Woolloongabba in Brisbane in 2022.
These five acquisitions and planned refurbishments are to date worth around $270 million of the $500 million earmarked by Invictus Developments for investments in the Australian hotel sector.
Intergen Property Group advised Invictus on this acquisition and will continue as investment managers to support Invictus in meeting their growth strategy.
The Old Clare Hotel will be acquired with vacant possession through Colliers from hotelier and restaurateur Loh Lik Peng, CEO of Unlisted Collection, and is a feature of the Central Park residential and commercial development at Broadway.
Loh Lik Peng, said “I am proud to have developed The Old Clare Hotel into one of Australia’s foremost boutique hotels. I am pleased to be handing over the hotel to Invictus, who I know will be the best long-term guardians to continue the legacy of this historic property. I would like to express my gratitude to the whole team at The Old Clare, past and present, who made this journey such a success.”
Invictus will appoint new hotel managers of the 69-room hotel in early 2024, which also features the hatted restaurant, Longshore, The Clare Bar, rooftop bar and swimming pool, event spaces and meeting rooms.
Mr Chayadi Karim, principal of Invictus Developments, said “As the tourism sector continues to thrive amidst the post pandemic recovery, we are very pleased to be able to find superb hotels across Sydney and Brisbane. Having set in stone our property improvement plans and management strategies, we remain committed to further investment within the Australian hotel sector”.
Karen Wales, Head of Hotels, Australia of Colliers, said “Invictus has taken up the rare opportunity to acquire a freehold heritage boutique hotel in Sydney, where hotels are difficult to develop as a result of tight planning controls and expensive land and construction costs.
“Sydney’s accommodation offering is critical to Australia’s tourism positioning as it is the single most popular tourist destination in the country”, she added.