By Andy Young
The award-winning Hotel Palisade in Sydney’s The Rocks area is up for sale with international expressions of interest closing on Wednesday 30 November.
The hotel was renovated and reopened 12 months ago and enjoys views of Sydney’s Harbour and surrounding areas. The renovation also saw eight hotel rooms added plus a ground floor Public House Bar, the rooftop Henry Deane Bar and Restaurant as well as a number of private function rooms. The hotel is expected to attract over $30m, with the owners already having received a number of unsolicited offers.
Greg Walker, managing director of Hotel Palisade, told TheShout: “There are some big offers particularly from international interest. It's early days and difficult to say whether I will remain involved in the future. It's been an amazing ride thus far and I will be truly sad if this is the end of my romance with the Palisade but somehow I think not.”
The hotel is being offered for sale through JLL Hotels & Hospitality Group, with National Director of Investment Sales, John Musca, saying: “It’s the most spectacular asset I have ever had the privilege of representing, and 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.”
Peter Harper, JLL’s Executive Vice President of Investment Sales added: “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. The property would also be a highly publicised boutique addition for a range of domestic and offshore hotel groups and hospitality operators.”
I remember when at Southcorp we moved from Tempe into offices directly across the road from the Palisade. I used to duck across there for a hair of the dog after a big night. The locals thought I was soft as I ordered a schooner of Carlton compared to their usual fare of pints of Reschs. Back then if someone offered the owner $1mill he would have taken it.