Sir Stamford Circular Quays hotel has been sold by its owners, the Stamford Land Corporation, to developers in a deal worth $210.5 million, which equates to over $2millon per room.
The buyers are JDH Capital who are currently redeveloping buildings in the area, into luxury apartments
The hotel was built in 1990 and incorporated a heritage listed government building. It occupies an area of prime CBD realestate.
In December 2021 and as part of a $1.4billon investment, Stamford Land announced that it intended to redevelop the property, which the Sydney Council approved in March 2022. The project was expected to take 3 years to complete.
JDH Capital intend to build a $380 million luxury apartment development on the site. John Green, development director at JDH Capital said “It’s another opportunity in a key location for a luxury residential project that will capitalise on the Macquarie Street location and the views,” reported the Australian Financial Review.
