The first guests at Marketview may have moved out, but the property is gearing up to host many more travellers in Wollongong's CBD in the near future.
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For the first time, the Illawarra Mercury can reveal the new owners of the CBD hotel, which was sold for an undisclosed amount earlier in 2022.
Australian Securities & Investment Commission (ASIC) records show that the listed owner of the property, 60 Market Street Holdings is jointly owned by a group of investment companies including Pi Capital Partners and shares an address with Pi Capital Partners at Bulletin Place in Sydney.
While an operator of the hotel is yet to be disclosed, the property already welcomed its first guests in September, as it became a home for event staff during the UCI Road World Championships.
Event CEO Stu Taggart said the property was the team's home away from home.
"There was an opportunity to utilise this centrally located hotel, working closely with incoming new owners Pi Capital Partners and their operational team to activate the space while the hotel is undergoing renovation before reopening later this year as commercial accommodation for the city and region," he said.
Facade works are currently underway on the property and the ground floor restaurant and bar space is also being renovated.
Mr Taggart said the location of the hotel was ideal for the race workforce.
"Given the proximity to the Course footprint, the CBD property was identified as an important hotel asset to the local economy," he said. "Pi Capital Partners have worked closely with all stakeholders to ensure the activation of the property for the event organiser's workforce to support the local community in hosting this world class event, lifting Wollongong's exposure to a global audience."
Pi Capital Partners describes itself as a "independent property investment, asset management and development consultancy group".
The projects page of the company's website includes images of developments in Sydney and Melbourne comprising commercial and residential projects.
Pi Capital was approached for comment but did not respond.
Prior to its current use, Marketview was purchased by the University of Wollongong in 2011 to counter a lack of student accommodation in the Wollongong CBD.
Previously, the building was a hotel, operated by Accor under its Ibis brand.
In 2021, the building went on to the market as UOW looked to offload a number of accommodation assets, including Weerona College in Gwynneville and International House in North Wollongong. International House was withdrawn from the market and remains as student accommodation.
Weerona College has since reopened as privately operated student accommodation.
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