Australia: New Landmark Hotels have actually marketed The Rydges Sydney Harbour to high-end hotel group Crystalbrook for about $100 million.
The 176-room hotel, spread out throughout two structures, will continue to be run by Event Hospitality & Entertainment under its Rydges brand name. Eventual plans for the resort consist of a renovation and relaunch under the Crystalbrook Collection in a couple of years time.
Currently, the residential or commercial property includes an eight-storey heritage building as well as a six-storey 1980s development, as well as a rooftop pool with views of Sydney Harbour Bridge as well as the music hall.
The purchase marks the 8th hotel in the Crystalbrook Collection, taking the group’s overall space count to around 1500 secrets. Other resorts are located in Cairns, Brisbane, Byron Bay, Newcastle as well as Surry Hills.
Geoff York, CEO, at Crystalbrook, claimed: “Our group been looking for a Sydney flagship residential property to match our growing profile. The prime location, coupled with a capability to reposition the property to our demanding style standards, made this a suitable procurement for us.”
Partner of New Landmark Hotels, Chandru Tolani, stated: “The Rydges Sydney Harbour is one of the city’s best situated hotels, showcasing many of the symbols that make the city so renowned. We have actually enjoyed wonderful success with the hotel throughout our possession duration, however really feel the moment is now best to pass the baton onto a new team, who can re-imagine the future for this unique property.”
The sale of The Rydges Sydney Harbour was bargained by Gus Moors, Karen Wales as well as George Hudson at Colliers International. Moors stated: “This property supplies incredible upside, provided its location, and also we are excited about the strategies Crystalbrook have for the residential property. This sale stands for recurring capitalist confidence in the Sydney resort market, which is revealing outstanding signs of recuperation.”
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