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LONDON-The Park Hyatt Sydney Hotel, located on the edge of Sydney Harbour and one of the city’s landmark buildings, has been put on the market.

US-based owners Maritz, Wolff & Co has appointed Jones Lang LaSalle Hotels (JLL) to seek expressions of interest in one of Australia’s most prestigious hotels.

The hotel is expected to attract a range of potential buyers including traditional hotel investors, high net worth individuals and hotel owner operators. JLL is not quoting a price but industry insiders expect the Hyatt to sell for more than £14.2 million ($21.9 million).

Since opening in 1990, the five star hotel has achieved Australia’s highest average daily rate (ADR) while maintaining relatively high occupancy levels.

Geordie Clark, Executive Vice President of Jones Lang LaSalle Hotels, said: “The property benefits from unrestricted views over Sydney Harbour, Opera House and Circular Quay, providing the hotel with a significant competitive advantage in the local and global marketplace.”

He added: “Scarcity of land and high development costs serve as serious barriers to entry and are likely to ensure that there will be little chance of replicating this icon.”

The sale coincides with what is regarded as the bottom of the hotel performance cycle in Sydney. Anticipated growth in demand, significant closure of hotels for residential development and no planned new supply should ensure a strong growth in performance over the next few years.

Marten Foxon, the UK-based Managing Director of Maritz, Wolff & Co, said: “We have decided to sell our interest in order to take advantage of favourable market conditions and concentrate our resources on further investment opportunities throughout the world, including the Asia Pacific region.”

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