CB Richard Ellis has highlighted Sydney hotels as an attractive investment option.
According to CBRE Hotels manager Andrew Jackson, the Sydney accommodation market has weathered the global downturn well, with the recent announcement by Eight Hotels to open its ninth boutique hotel in the heart of the Sydney CBD is evidence of this.
The new Park8 Hotel - comprising 36 oversized rooms & lofts and a European inspired street level coffee bar - will open on October 15 .
According to Mr Jackson, the Sydney market was very resilient to any softening of demand due to the city's varied demand base, including corporate and leisure markets.
"It is because of these fundamentals that the Sydney market remains so tightly held and highly sought," he said.
In addition, Mr Jackson said the recent sale of the Metro on Pitt Hotel, a 115-room, mid-market property, also generated huge investor interest, selling for $24.188 million.