HotelsHalf a billion-dollar war chest earmarked for investments across eastern seaboard.

Indonesian tycoon plans massive raid on Australian hotel properties

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Sydney’s Harbour Rocks Hotel has been acquired by Singapore investors.
Sydney’s Harbour Rocks Hotel has been acquired by Singapore investors.

Singapore-based Invictus Developments, run by the Indonesian billionaire Karim family, is targeting US$500 million worth of investments in hotels primarily across the east coast of Australia, following its acquisition of the five-star boutique hotel, Harbour Rocks Hotel, in Sydney.

The heritage 59-room Harbour Rocks Hotel is managed by MGallery by Sofitel and is located close to Sydney’s Overseas Passenger Terminal, Opera House and Museum of Contemporary Art, as well as transport links to the rest of the city.

Chayadi Karim, principal of Invictus Developments, said, “Harbour Rocks Hotel marks our first acquisition outside of Singapore. We are committed to further investment across Australia's eastern seaboard, which is recovering strongly from the pandemic with both local and international tourism. 

“Focusing on hospitality investments in key gateway markets across Asia Pacific, we aspire to build and value-add to a portfolio of boutique and upper upscale hotels in Singapore, Indonesia, Australia and Japan.”

The Harbour Rocks Hotel sales campaign was conducted by JLL.

Mark Durran, JLL’s managing director, investment sales, hotels & hospitality Australia, said, “We are seeing a resurgence in hotel activity across Australian capital cities as international and interstate travel returns, with Sydney leading the way.”

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