The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
URBAN LEADER AWARDS ARE BACK! START YOUR NOMINATIONS
URBAN LEADER AWARDS ARE BACK! START YOUR NOMINATIONS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
HotelAna NarvaezFri 09 Aug 19

Developer Lists Vibe Darling Harbour for $100m

1128966e-7182-49c7-948a-a3ed914370f4

Sydney developer Icon Oceania has listed Sydney’s newest CBD hotel, set to open next month, for north of $100 million.

The 145-key Vibe Darling Harbour, operated under a management agreement with TFE Hotels, is located at 319-32 Sussex Street in Sydney’s Chinatown. The site was picked up by the developer for $21.35 million in 2016.

TFE came on board early on, with the duo winning approval for a hotel scheme in 2017 — selecting architecture firm WMK after conducting a design competition for the site.

The listing comes the same week as news of the Yeh family’s acquisition of the strata-titled Seasons Harbour Plaza at 252 Sussex Street.

While the pub market has been busy in comparison, restricted stock in Sydney’s hotel market has kept a lid on transaction activity.

“There were many hotel transactions in Sydney between 2013 and 2016, however since then there has been very limited opportunity to acquire a Sydney hotel,” JLL chief executive of hotels Craig Collins said.

Transaction activity in Sydney’s hotel market is at its lowest volumes in the last five years, with a lack of institutional-quality stock in the city leaving investors with few acquisition options.

“With incumbent owners typically adopting a ‘hold’ strategy and reluctant to divest assets, transactional activity will likely be focused around development projects,” Collins said.

▲ A significant uptick of hotel supply coming to market in Sydney’s CBD in 2019 is occurring in the Darling Harbour precinct. Image: WMK Architecture.


As well as the 4.5-star Vibe Hotel, the Meriton Suites at 230 Sussex Street has added 202 rooms to market this year, while the Sydney Hotel QVB has added 90.

In 2020, the 152-key Crowne Plaza, the 590-key W Hotel, the 121-key Porter House and the 194-key Adina will all come to market at the southern end of the CBD.

TFE Hotels executive development manager Michael Herman said that TFE is receiving more enquiry from traditional residential developers.

Speaking at The Urban Developer’s hotel summit in Sydney in June, Herman said that 95 per cent of the group’s portfolio is in capital cities.

“We have 10 hotels under construction, so the next 12 to 18 months is going to be very busy opening these properties, starting with the Vibe Darling Harbour at the end of September.”

Expressions of interest for the Vibe Hotel Darling Harbour close 12 September.

HotelAustraliado not useReal EstateSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
Exclusive

The Urban Developer Awards for Industry Excellence Winners Revealed

Editorial Desk
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
Markets

Turn of the Tide as Supercycles Track Upwards

Clare Burnett
As markets reach the bottom and green shoots of growth appear, the eyes of the industry are on who will benefit most…
LATEST
Exclusive

The Urban Developer Awards for Industry Excellence Winners Revealed

Editorial Desk
14 Min
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
6 Min
Markets

Turn of the Tide as Supercycles Track Upwards

Clare Burnett
5 Min
Bates Smart Architects' rendering of the two towers for Lendlease, MEA and NSKRE's project at 175 Liverpool Street in Sydney.
Residential

Lendlease Signs Partners for Hyde Park Highrise

Marisa Wikramanayake
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/vibe-darling-harbour
SHARE
9
print
Print
TOP STORIES
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
6 Min
Exclusive

Where 600 Wealthy Families Are Putting Their Millions

Taryn Paris
6 Min
Brique Projects EDM
Exclusive

Brique Thrives in Cauldron of SE Queensland Development

Clare Burnett
7 Min
Henny Prime Henny Background
Exclusive

Why Henny and Prime Edition are Moving into Student Living

Leon Della Bosca
7 Min
Riverlee Seafarer's 1 Hotel HERO
Exclusive

Melbourne’s North Bank Awakens After Decades of Dormancy

Leon Della Bosca
8 Min
View All >