Hotel owner and developer Pro-invest Group has teamed up with Next Story Group to create a new hotel management company with a foundation hotel portfolio of seven brands.
Sydney’s city skyline is set for a new entrant with the planned development of a $450 million hotel and apartment tower in Pitt Street.
Private equity giant Kohlberg Kravis Roberts (KKR) has snapped up the Sofitel Sydney Wentworth hotel,the favoured haunt for the Liberal Party on election nights,for $315 million at a time when the beleaguered tourism sector is set for a revival.
The hard-hit hotel and hospitality sector expects a rush of arrivals once restrictions rise in NSW on Monday and all national and international borders open in coming months.
The leasehold of the hotel on the historic Quarantine Station on 30 hectares of Manly’s North headland is for sale with the private owners,the Mawland Group,expecting interest from an array of tourism operators and mixed-use hoteliers.
The four-star Rydges Sydney Airport hotel,which has been used as quarantine premises,is up for sale with a price tag of up to $270 million as the owners test the rising demand for key hotels.
Regional hotels will pave the way for the hard-hit sector's recovery from the devastating impact of COVID-19 with many opening their doors to new-look guest experiences.
Dr Jerry Schwartz hopes the push to kick-start tourism will help realise his dream of building a helipad on the roof of his Sofitel Sydney property at Darling Harbour.
The national hotel sector is bracing for falls of more than 7 per cent in revenue due to the impact of the coronavirus,but the dire predictions have not deterred the development of new hotels.
Melbourne’s Pentagon Group Hotels has bought the management rights and more than half of the freehold apartments in Victoria’s Silverwater Resort for about $25 million.
A private family has snapped up a hotel in Murray Street,Pyrmont,for $28.7 million from IGB.