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Sydney pubs are being transformed into boutique-style accommodation to cater for out-of-town professionals and young tourists seeking a taste of inner-city wine bars and cafes.
Paul Schulte and Andrew Taylor, co-founders of hospitality group The People, are refurbishing pubs to provide short- and long-term stays in suburbs such as Redfern and Balmain.
An artistâs impression of The Exchange Hotel in Balmain, one of six pubs that will be transformed into boutique accommodation.
Credit:The People
The pubs will be made over at a cost of about $23.5 million, beginning with The Norfolk Hotel in Redfern, owned by George Confos, which will open its doors in June.
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th consecutive year.
According to data analysed and published by Real Capital
Analytics (RCA), JLL again advised on the most transactions, as measured in
dollar value, in the Asia Pacific, maintaining its winning record in the
respected investment tracking study since its launch 2011.
“The Asia Pacific hotel industry has faced unprecedented
challenges in 2020 yet remains firmly on the radar of the world’s most astute
and sophisticated investors. Given the longer-term horizons of hotel investors,
we’ve stayed close with our client base throughout 2020 and see relationships
solidifying further in 2021 as activity re-emerges,” says JLL Hotels & Hospitality
Group CEO, Asia Pacific, Mike Batchelor.
Investors seeking more Asia Pacific hotel assets in 2021
Investors seeking more Asia Pacific hotel assets in 2021
BANGKOK: Investors are confident in the long-term future of the Asia-Pacific hotels market despite ongoing COVID-19 pressure on the tourism and hospitality sectors, says JLL. According to investors surveyed by JLL, approximately 70% say they are bullish on the Asia-Pacific hotel market and are interested in deploying capital into the sector in 2021.
For its Hotel Investment Outlook report, JLL polled approximately 100 clients in late January 2021. Image: JLL
JLL is forecasting approximately US$7 billion in transactions in 2021, an increase of 20% year-on-year, up from $5.8 billion in 2020. While sizable pools capital are ready to be deployed, pricing and financing will become a larger consideration for investors. According to JLL, the gap between buyer and seller price expectations will narrow as distress becomes less likely, while sellers come to terms with the impac