The Adina Apartment Hotel Mascot is back on the market. Photo: Mark Merton

China's JZO selling Adina hotel in Mascot for $55 million

Su-Lin Tan|Apr 17, 2019

Chinese investor JZO is selling its Adina Apartment Hotel Mascot near Sydney Airport for a price expected to exceed $55 million, three years after buying in.

JZO, led by Jian Zhao, is selling the 123-room serviced apartment hotel at 15-17 Bourke Road, after acquiring it for $37 million in 2015. It is understood Mr Zhao is looking for capital to fund his new hotel development in Sydney’s west, the 4.5-star 300-room Four Points By Sheraton Parramatta at 89 George Street.

The property had been previously shopped around for about $60 million, sources said.

The 8376-square-metre hotel with a ground-floor cafe and bar sits on a 2400-square-metre site and is leased to hotel operator TFE Hotels for 12 years from 2015. TFE Hotels also developed the hotel.

The seven-level building offers studio and one and two-bedroom apartments as well as a gym, parking and meeting and conference facilities.

Before JZO and Mr Zhao, Capital Corporation was the hotel’s owner. It bought the property for $29 million in 2011 and subdivided the property into two lots, developing a hotel and an office building.

Knight Frank’s Dominic Ong, Andy Hu and Eugene Evgenikos are handling the expressions of interest sale of Adina.

Nearby, another Sydney airport hotel which is on the market is the 200-room ibis Sydney Airport, to be sold as part of AccorInvest’s 23-hotel portfolio sale. Fifteen of the hotels are ibis-branded hotels. AccorInvest is the spun-off hotel investment platform of Paris-listed AccorHotels.

Other hotels for sale in Sydney include Frasers Property Australia’s soon to be built Atura Edmondson Park Hotel in Sydney’s west, listed for around the same price as Adina Mascot. Atura will be the centrepiece of the Edmondson Park town centre, with 167-room hotel rooms.