Crystalbrook Collection Hotels & Resorts to sell boutique Surry Hills asset

Crystalbrook Collection has announced it will sell the luxury Crystalbrook Albion hotel in Surry Hills, as the group recycles capital to focus on its continued growth and expansion pipeline. The group will maintain management rights post-sale.

CBRE Hotelsโ€™ Wayne Bunz and Michael Simpson have been exclusively appointed to steer the sale via an Expressions of Interest campaign.

Opened in 2018, the inner Sydney hotel is situated on a 538sqm freehold land parcel in a former school convent that was carefully transformed into a premium five-star hotel offering, merging a heritage listed property with a modern, sustainable build.

The boutique hotel comprises 35 rooms including one suite, a self-service bar and a rooftop garden offering panoramic views across Surry Hills and the city of Sydney.

Geoff York, Crystalbrook Chief Executive Officer, said, โ€œFollowing our recent acquisition of Rydges Sydney Harbour, which will be rebranded post substantial renovations as part of the Crystalbrook Collection, the sale of Crystalbrook Albion will allow us to recycle capital, using this to further apply our โ€˜Responsible Luxuryโ€™ ethos to new builds and acquisitions.โ€

The hotel is being offered with a Hotel Management Agreement to Crystalbrook Collection, giving the incoming purchaser the benefit of the marketing and distribution networks of one of Australiaโ€™s leading sustainably focused luxury operators.

CBRE Hotelsโ€™ National Director Wayne Bunz said the offering of Crystalbrook Albion presented an opportunity to acquire a strategic foothold in Sydney – one of Asia Pacificโ€™s most sought-after and tightly held hotel investment markets.

โ€œMore than ever, hotel investors are looking for bespoke and boutique hotel offerings, and Crystalbrook Albionโ€™s unique style and design, paired with its sought-after Surry Hills location, will appeal to a broad range of prospective purchasers,โ€ Mr Bunz said.

Surry Hills is largely devoid of quality accommodation which will be a key investor drawcard, as will the hotelโ€™s central location.

Mr Bunz noted, โ€œThe hotel attracts a mix of corporate clientele and both international and domestic leisure guests due to its proximity to key demand generators. It is situated within walking distance of Sydneyโ€™s new Tech Central precinct, as well as Central Station, Surry Hillsโ€™ acclaimed theatre, fine food and wine venues and the Sydney Cricket Ground.โ€

CBRE Hotelsโ€™ Managing Director Michael Simpson added, โ€œHaving opened in 2018, the hotel presents as new and will require minimum capital expenditure in the medium term, while providing the incoming owner with the benefit of tax depreciation benefits moving forward.โ€

Crystalbrook Albion Sydney is being offered for sale via an Expressions of Interest campaign closing 12pm Thursday 25th May 2023 (unless sold prior).

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