Rydges Sydney Harbour sold for around $100m
One of Sydney and Australia’s grandest hotels has sold for around $100 million and it could be something of a bargain.
The sale of Rydges Sydney Harbour has continued an explosion of transactions in the hospitality industry following the end of Covid lockdowns.
According to reports, the Rydges Sydney Harbour, which sits in the city’s historic The Rocks district and features eye-popping views over Circular Quay was sold to Crystalbrook group for around $100m by Colliers.
“Our group has been seeking a Sydney flagship property to complement our growing portfolio,” Crystalbrook’s CEO, Geoff York said.
“The prime location, coupled with an ability to reposition the property to our demanding design standards, made this an ideal acquisition for us.”
New Landmark Hotels were the sellers of the property which hit the market in October last year with $130+ million prices hopes.
The hotel commands a prize position on the edge of the Sydney CBD, walking distance to the Opera House, the Harbour Bridge, the Walsh Bay Arts Precinct and the Overseas Passenger Terminal.
Sitting at 55 George St, Rydges Sydney Harbour, is one of Sydney’s most popular and well known hotels in the country. It is expected to play a key role in both the domestic leisure and corporate markets and act as base for Australian and overseas patrons after the country opens up to international visitors on November 1.
The hotel sits on a 1,825 sqm island site occupying two buildings over six and eight floors, with a 55-metre George Street frontage, a feature of which is its heritage facade and atrium lobby and glass ceiling.
The rooftop pool and event area atop the hotel boasts panoramic views of the Opera House and Harbour Bridge. Many of the rooms also command jaw-dropping views of two of the world’s best know architecture marvels.
The guest rooms range from 24 sqm to 77 sqm and they are serviced by a range of in-house services including dining, retail and onsite parking