Rydges Hotel Sydney Harbour for sale with a $130M price tag
The Rydges Sydney Harbour hotel is up for sale.
Owner Chandru Tolani bought the property in the early 2000s for $29 million and believes due to increased optimism now that lockdowns have ended, it is a good time to sell.
Tolani is hoping to sell the hotel for more than $130 million.
Agent and head of hotels at Colliers, Gus Moors said before COVID-19 the hotel, a heritage site since 1926, had high year-round occupancies and room rates above $250.
“It’s a four-star hotel in a five-star location,” Mr Moors said.
Mr Tolani is selling the hotel as part of an asset diversification program.
“We don’t want to put all our eggs in one basket,” Mr Tolani said.
“With the COVID time, you know we had three hotels and a golf course already shut down, so we wanted to diversify from the hospitality business.”
Last October, Mr Tolani sold the Capitol Square Hotel Sydney near Chinatown for $26 million.
Mr Tolani is an active property trader in and around Paramatta and owns Macquarie Links International Golf Club in south-west Sydney.
Rydges Camperdown is another Tolani-owned hotel which he intends to keep.
Irit Jackson, 20th October 2021
