ABACUS Property Group checked into Sydney last week with the purchase of the Swissà´tel Sydney hotel on Market Street for $85 million.
Swissôtel Sydney hotel comprises 359 rooms, a café, bar, restaurant and conference facilities for up to 1,100 delegates.
The property will settle in early July 2007. The sale was managed by David Gibson of Jones Lang LaSalle Hotels.
The property will be owned by Abacus Hospitality Fund. Launched in March 2007, the fund had gross assets of $140 million.
Since its launch, Abacus has exchanged contracts to acquire three hotels for $119.25 million, bringing the fund’s total assets to approximately $265 million.
The fund has also recently exchanged contracts to acquire two hotel properties located in
The Southbank Hotel and Convention Centre in Townsville is being acquired for $18.75 million.
This property is a nine level, four star hotel with 98 rooms, convention facility for 850, three restaurants and bars, pools and a spa. Abacus has appointed Rydges Hotels Ltd to manage the property on the fund’s behalf, and it will be renamed Rydges Southbank Townsville.
The Country Plaza International Hotel in
Rydges Hotels Ltd will also manage the property, which will be renamed Rydges Gladstone.
Abacus is also pleased to advise that the room refurbishment program at the Novotel Twin Waters Resort has commenced, with approximately 14% of the resort’s rooms refurbished and another 13% under refurbishment. We are hoping to have completed the bulk of the room refurbishment program by late this year.
Meanwhile, Abacus will launch the Abacus Diversified Income Fund II to retail clients with $195 million of gross assets, including 19 properties worth approximately $150 million.
Upon completion, Abacus will have approximately $2.0 billion of assets under management, comprising of $0.9 billion of assets in externally managed funds and $1.1 billion of assets on balance sheet.
Australian Property Journal
