SYDNEY— The Pentura on Pitt Hotel Sydney has been purchased by a local investment syndicate for A$16.5 million (US$10.9 million), it was by announced Jones Lang LaSalle Hotels. The deal was negotiated off-market by Mark Durran, senior vp, Jones Lang LaSalle Hotels, on behalf of Topland Property Pty Ltd. The syndicate of investors who purchased the hotel is led by Ben Caplan and Rajeev Dani. The 119-room hotel is located in the heart of Sydney at 300 Pitt Street, near the corner of Bathurst Street. The property includes a leased restaurant/bar and vacant basement area. Since opening in 1999, the hotel has been owner-operated and was sold with vacant possession. The property will be rebranded a Metro hotel and operated under a management agreement with Metro Hospitality Group, according to Jones Lang LaSalle. It was noted that Metro Hospitality Group is also taking a 30% investment position in the property.
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