Syrian investor buys Little Albion Guest House
The internationally backed hotelier Crystalbrook Collection has made its first foray into Sydney, buying the 35-room Little Albion Guest House in Surry Hills for an aggressive price of about $30 million.
Founded recently by Syrian billionaire Ghassan Aboud, Crystalbrook has $100 million invested in three hotels that are about to open in Cairns as well as a lodge in Queensland’s outback.
The Crystalbrook Lodge and Crystalbrook Station were acquired from Port Douglas businessman John Morris in early 2017 and include a 34,000ha cattle station. About 220km west of Cairns, the Crystalbrook Lodge features five suites and charges $1800 per room per night, all inclusive.
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Crystalbrook Collection is also preparing to expand further north into Port Douglas by building a hotel at the Marina Mirage.
Meanwhile in Sydney, Crystalbrook has bought Australia’s newest boutique hotel, which was developed and designed by Paul Fischmann, founder and owner of 8Hotels.
The hotel is in a heritage building constructed in 1910 as a school convent and painstakingly transformed into a five-star hotel, merging new and old.
The Little Albion Guest House.
The chief executive of GA Group Australia, which trades as Crystalbrook Collection, Mark Davie, says the Little Albion Hotel’s location in Surry Hills made it an excellent investment for the group.
Fischmann says he had not intended to sell the Little Albion. “We spent three years building it for the long term and it was a very personal project, but Wayne Bunz from CBRE approached with an offer I couldn’t refuse.”
The deal comes as tourism data house STR released September hotel figures for Sydney showing hotel supply increased 5.7% for the 12 months and demand shot up nearly 4%.
Revenue per available room dropped 2.5% to $174.95 while the average daily rate dropped slightly to $211.38 in September.
STR said the overall performance decline was due to the new supply. “On a positive note, solid demand growth kept occupancy above 80 per cent and the 10-year average in the market,” STR says.
This article originally appeared on www.theaustralian.com.au/property.
