Rydges Sydney Airport hotel cleared for take-off
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The Rydges Sydney Airport hotel is for sale with a price tag of up to $270 million as the owners test the rising demand for key hotels in the market.
The four-star hotel has been used as quarantine premises during the pandemic and is now a base for airline crews. It was built by the owners, private developer Denwol in April 2013 for a reported $68 million.
The Rydges Sydney Airport Hotel has been listed for sale with a price tag of $250m-$270m.
Greenland Offloads Luxury Sydney Hotel
Hotel developer, fund manager and operator Pro-invest Group has acquired the five-star Primus Hotel in central Sydney for $130 million.
The 172-room hotel located at 339-341 Pitt Street, adjacent to Greenland Australia’s 66-storey apartment tower, the tallest in Sydney CBD.
The Woods-Bagot designed hotel, which opened in 2015, represents an architectural revival of the 1930s inter-war period.
It has been restored with its original features such as the grand eight-metre high scagliola columns and the lobby’s panelled skylight.
Greenland listed the hotel last year following initial interest from the market which saw several short-listed parties look into the property.
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After using up all of his spare cash to make it through the pandemic, hotel mogul Jerry Schwartz has put one of the crown jewels of his portfolio, the Four Points by Sheraton near Sydney s Central Station, up for sale as an insurance policy should another lockdown occur.
The 297-room, 4.5-star hotel within the $2 billion Central Park precinct in Chippendale was acquired off the plan by the former Financial Review Rich Lister in July 2017 for $156 million from the Liberman family-backed fund manager Impact Investment Group and began trading in late 2018.
Jerry Schwartz: By putting money aside [and selling the Four Points by Sheraton] it means I will be ready to reinvest again as soon as the time is right.