Indonesian tycoon plans massive raid on Australian hotel properties: Travel Weekly Asia

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

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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