Possessing a world-class location and unparalleled views, this is a once-in-a-generation opportunity
On behalf of New Landmark Hotels Pty Ltd, Colliers’ Gus Moors, Head of Hotels, and Karen Wales, National Director Hotels, have brought the iconic Rydges Sydney Harbour hotel to market. Located at 55 George Street in the historic Rocks precinct, this sale offers access to one of Sydney’s most coveted locations.
The Rydges Sydney Harbour hotel benefits from its unique position capturing a broad range of demand from Circular Quay, the Opera House, the Walsh Bay Arts Precinct, Sydney’s CBD business district and essential tourism hubs like the Overseas Passenger Terminal.
Along with servicing the domestic leisure and corporate markets, the Rydges hotel is ideally placed to access the rebounding international tourism market, as global vaccinations rise and international travellers seek out safe destinations that have managed the pandemic well.
“Boasting a prized Sydney Harbour dress circle location, Rydges Sydney Harbour offers a rare opportunity to acquire a once-in-a-generation asset, wrapped within a heritage façade, in the most historic part of Australia,” Mr Moors says.
“The hotel has a history of strong performance owing to its unique location with stunning harbour and city vistas from all accommodation rooms. This asset offers investors the potential for tremendous upside through select capital works to reposition for the decade to come, against a backdrop of recovering global tourism.”
The 176-room hotel is located on a 1,825 sqm island site occupying two buildings over six and eight floors, with a 55-metre George Street frontage. Along with its beautiful heritage façade and imposing atrium lobby flooded with natural light from its glass ceiling, the hotel features a rooftop pool and event area with panoramic views of Sydney Harbour Bridge and the Sydney Opera House.
This rooftop “hero shot” captures global interest in the property, cementing its enviable status in the Sydney hotel market. The guest rooms range from 24sqm to 77sqm and are serviced by a range of in-house services including dining, retail and onsite parking.
“Rydges Sydney Harbour demonstrates consistent outperformance when compared to 4-star hotels in Sydney,” Ms Wales says.
“This sale represents the perfect combination of a highly profitable, income generating business, with value-add repositioning opportunities in an irreplaceable Sydney city location. It is an exciting proposition to access the tightly held hotel ownership landscape and a strategic target for many buyers.”
The hotel last transacted in 2003 and is under a long-term ground lease with 80 years remaining, while vacant possession of the hotel is available from January 1st 2025.
The International Expressions of Interest campaign closes Thursday 11th November 12pm AEDST. Please contact Gus Moors Mb: +61 404 005 066 or Karen Wales Mb: +61 405 227 152 for more information.