Abu Dhabi Investment Authority has agreed to sell the Novotel and Ibis hotels at Sydney's Darling Harbour to property investment firm Wentworth Capital for $390 million, ending a five-year sale process that began with price expectations of approximately $500 million in early 2021 when the market was weakened by COVID-related border closures.
Abu Dhabi sells Novotel and Ibis hotels in Sydney's Darling Harbour for $390 million
Abu Dhabi Investment Authority has agreed to sell the Novotel and Ibis hotels at Darling Harbour to Wentworth Capital for $390 million, a 50 per cent discount to estimated replacement cost and 23 per cent below comparable Sydney hotel transactions.
By Amit Shukla
Expert in Costar News in DC market since 2014June 18, 2026 | 1:02 P.M.
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