Australia: New Landmark Hotels have sold The Rydges Sydney Harbour to luxury hotel group Crystalbrook for about $100 million.
The 176-room hotel, spread across two buildings, will continue to be operated by Event Hospitality & Entertainment under its Rydges brand. Eventual plans for the hotel include a renovation and relaunch under the Crystalbrook Collection in a few years time.
Currently, the property includes an eight-storey heritage building and a six-storey 1980s development, as well as a rooftop pool with views of Sydney Harbour Bridge and the opera house.
The acquisition marks the eighth hotel in the Crystalbrook Collection, taking the group’s total room count to around 1500 keys. Other hotels are located in Cairns, Brisbane, Byron Bay, Newcastle and Surry Hills.
Geoff York, CEO, at Crystalbrook, said: “Our group been seeking a Sydney flagship property to complement our growing portfolio. The prime location, coupled with an ability to reposition the property to our demanding design standards, made this an ideal acquisition for us.”
Partner of New Landmark Hotels, Chandru Tolani, said: “The Rydges Sydney Harbour is one of the city’s best located hotels, showcasing many of the icons that make the city so famous. We have enjoyed great success with the hotel throughout our ownership period, but feel the time is now right to pass the baton onto a new group, who can re-imagine the future for this special property.”
The sale of The Rydges Sydney Harbour was negotiated by Gus Moors, Karen Wales and George Hudson at Colliers International. Moors said: “This property offers amazing upside, given its location, and we are excited about the plans Crystalbrook have for the property. This sale represents ongoing investor confidence in the Sydney hotel market, which is showing excellent signs of recovery.”