Crystalbrook Collection acquires Rydges Sydney Harbour

Crystalbrook Collection acquires Rydges Sydney Harbour

Crystalbrook has acquired Rydges Sydney Harbour Hotel for $100m making this its second property in the harbour city.

The five-year-old hotel group, owned by Dubai-based businessman Ghassan Aboud, purchased the George Street hotel for 23 per cent less than the asking price, the Australian Financial Review reported.

“Major cities will always be important, and moving forward we will look to balance our portfolio between regional and city locations,” Aboud told AFR.

The property boasts a “tremendous” location, according to Crystalbrook CEO Geoff York, who also said it was “primed for being reimagined”.

With its enviable George Street address, the hotel will be a magnet for leisure and business travellers alike.

“We’ve been looking for a hotel in Sydney for three-four years,” York said to AFR.

The 176-room hotel was formerly owned by Sydney businessman Chandru Tolani as part of an asset diversification move.

Spread across two buildings, one of them a heritage building, Rydges Sydney Harbour is home to a rooftop pool with iconic harbour views and an atrium lobby. The hotel occupies a 1,825 sqm site and is on a long-term ground lease to Place Management NSW.

Crystalbrook currently has three hotels in Cairns, plus properties in Brisbane, Byron Bay, Newcastle and a boutique hotel in Sydney’s Surry Hills.


Image: Colliers

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