Funky European-style hotels planned for inner Sydney in 2021
Despite dropping revenues, room rates, and occupancies, the pandemic has not curtailed the ambitious plans of hoteliers and developers to open funky new European-style hotels in inner Sydney.
Hotel giant Accor has teamed up with former Macquarie Banker Bill Moss to bring a funky new European-style hotel to Sydney, with plans to open a 25hours branded lifestyle hotel in Sydney’s Paddington by the end of next year.
Mr Moss, chairman of property investor group Boston Global, and Sydney developer Central Element, will joint venture develop the 25hours hotel in a heritage building at 1-11 Oxford Street in the heart of the Oxford Street Village Centre near the Sydney CBD.
New to Australia the 25hours lifestyle hotel brand is strong in Germany and France with 11 such properties operating in the major German cities of Berlin, Hamburg, and Cologne. The first 25hours hotel will open outside of Europe in Dubai this year and there is also one slated for the Melbourne suburb of Cremorne. The 206-room hotel is scheduled to open in September as part of The Malt District development.
In Sydney, award-winning Australian architects Tonkin Zulaikha Greer will design the Paddington hotel which will be built across 5500sqm with 105 guest rooms, and a rooftop bar overlooking Oxford Street, the Eastern Suburbs and the harbour. Hong Kong Interior firm A Work of Substance will design the hotel’s central courtyard, while Sydney-based interior designers Acme & Co will work on the hotel’s rooftop bar, restaurant and cafes.
Mr Moss said the project had been several years in the making while Accor Pacific Chief Executive Simon McGrath said they are delighted to be bringing 25hours to Sydney.
“The building itself is in an incredible location and has enormous potential, and the open areas such as the rooftop bar and the central courtyard will allow us to truly bring our new hospitality concept to life,” Mr McGrath said.
Wayne Chivas of the development partnership said it has been a long-term vision to create a hotel of stature and presence in the heart of Sydney.
“We are delighted that in 25hours, we have found the perfect partner for this unique building. 25hours will be a hotel characterised by personality and charming, relaxed service, enriching Oxford Street and the city’s culinary and bar scene,” Mr Chivas said.
Construction is expected to commence early this year.
Meanwhile. latest STR research on the state of Melbourne’s hotel market reveals it is achieving the highest performance levels since early in the pandemic.
Declines were still significant in December with hotel occupancies at 41% down 48.3% on the previous year, while the average daily room rate was $150 down nearly 20%. STR said the performances were however the best since the start of the pandemic in March.
On New Year’s Eve Melbourne hotels were 64% occupied at an average daily room rate of $240.
This article originally appeared on www.theaustralian.com.au/property