The Palisade hotel back on the market for $30 million

News Detail

The Palisade hotel back on the market for $30 million

Real Estate

- Sunday, 13 November 2016

The Palisade Hotel in Miller’s Point is for sale — again.

Sold just last year for a reported $20 million, the highly profitable landmark is once again accepting expressions of interest, with the price guide this time around a reported $30 million.

JLL Hotels & Hospitality Group are marketing the property; and National Director of Investment Sales, John Musca, says that even among a long list of previous hotel sales, The Palisade is something special.

The Palisade Hotel is on the market with a price guide of $30 million.

The Palisade Hotel is on the market with a price guide of $30 million.Source:News Corp Australia

“It’s the most spectacular asset I have ever had the privilege of representing,” he said.

He says he’s confident revitalisation of the Darling Harbour precinct, local development and swelling tourism to the area will see the hotel continue to thrive under new ownership.

“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,” he said.

“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.”

The Palisade Hotel’s rooftop bar offers incredible views over some of Sydney’s biggest landmarks.

Certainly, British entrepreneur Richard Sapsford, who is selling for personal reasons, has done a lot with the place in his short time as its owner.

The whole premises has been meticulously renovated at a reported cost of $5 million, and the Henry Deane rooftop bar opened just last November.

 

The hotel now features a beautiful bar on the ground floor, as well as a restaurant, function spaces, eight luxury rooms and its famous rooftop watering hole.

The hotel reopened just last year following a multi-million dollar renovation.

The hotel reopened just last year following a multi-million dollar renovation.Source:News Corp Australia

Peter Harper, Executive Vice President of Investment Sales with JLL expects this mix of location and renovation will attract interest from hotel groups and hospitality operators here and overseas.

“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,” he said.

Expressions of interest close on November 30.