Invictus Developments expands Australian hotel investments with Sydney acquisition

Singapore-based Invictus Developments is making further strides in the Australian hotel market, acquiring Sydney’s The Old Clare Hotel for $61.8 million. Located in Chippendale, the hotel lies close to the proposed Central Precinct Renewal program led by the NSW Government.

An aggressive growth strategy

The Old Clare Hotel is the latest addition to Invictus Developments’ growing Australian portfolio, following recent acquisitions like the $25 million purchase of The Inchcolm by Ovolo Hotel in Brisbane and a $52.5 million office building on 39 York Street in Sydney, which is slated for conversion into an upscale hotel. Invictus also added the Harbour Rocks Hotel in Sydney and Quest Woolloongabba in Brisbane to its holdings earlier in 2022. Altogether, these five projects represent an investment of roughly $270 million out of the $500 million that Invictus has earmarked for the Australian hotel sector.

A strategic acquisition

Advised by Intergen Property Group, the Old Clare Hotel deal is part of Invictus’s broader growth strategy. The hotel features 69 rooms, a hatted restaurant called Longshore, The Clare Bar, a rooftop bar and swimming pool, and several event and meeting spaces. The property was acquired from hotelier and restaurateur Loh Lik Peng, CEO of Unlisted Collection.

Loh Lik Peng expressed his satisfaction at passing the hotel to Invictus, stating, “I am pleased to be handing over the hotel to Invictus, who I know will be the best long-term guardians to continue the legacy of this historic property.”

Future plans and market potential

Chayadi Karim, principal of Invictus Developments, highlighted the company’s commitment to the burgeoning tourism industry in Australia. “As the tourism sector continues to thrive amidst the post-pandemic recovery, we are very pleased to be able to find superb hotels across Sydney and Brisbane,” he said.

Karen Wales, Head of Hotels at Colliers, also noted the significance of the deal. She pointed out that Sydney’s accommodation landscape is crucial to Australia’s tourism sector, describing the city as “the single most popular tourist destination in the country.”