Singapore-based serviced apartment firm The Ascott Limited has partnered with a Middle East sovereign wealth fund to buy a 252-room hotel in North Sydney for $202 million.
The hotel will occupy the lower part of local developer Billbergia’s 48-storey mixed-use tower at 86-88 Walker Street.
What will be North Sydney’s tallest tower will offer 252 serviced apartments when it opens in 2021 as Citadines Walker North Sydney.
Other facilities at the hotel will include a restaurant, rooftop bar, meeting rooms, business centre, executive lounge and gymnasium.
The $887 million joint venture fund holds a portfolio of assets worth $908 million, while listed property trust Ascott REIT has an Australian hotel portfolio of over 900 rooms after buying the Felix Hotel at Sydney Airport for $60.6 million.