Mulpha Australia green lit for $200 million hotel in Sydney CBD
Development approval has been given to Mulpha Australia for a $200 million hotel in the southern end of Sydney’s CBD, near Darling Harbour, the Powerhouse Museum, the International Convention Centre, World Square shopping district and the Chinatown precinct.
The 17-storey hotel will be located on Sussex Street and will include 272 hotel rooms and a ground-floor restaurant and bar facilities.
It is slated to open in mid 2026.
Mulpha, whose portfolio includes the InterContinental Sydney, plans to start building next year and will retain the existing five-storey building, including the heritage façade.
“We are thrilled to receive approval for this new age hotel that will contribute to the ongoing rejuvenation of the southern CBD into one of the most vibrant areas of Sydney for visitors, residents and workers,” Mulpha CEO Greg Shaw said.
“With the strong rebound in both domestic and international tourism, it is vital that we have shovel-ready projects to grow accommodation capacity and meet demand.
“Sydney is leading the way in the Australian accommodation industry with strong occupancy levels set to increase further as the international market exceeds pre-COVID levels in 2024 and beyond.”
A hotel operator is yet to be named; however, negotiations are advancing.
“This investment continues Mulpha’s long-term commitment to acquiring and developing high quality tourism and hospitality assets in key Australian destinations,” Shaw said.
Mulpha’s portfolio includes InterContinental Sanctuary Cove Resort, InterContinental Hayman Island, Bimbadgen Winery Estate and the Palmers Lane Retreat in the Hunter Valley, which is due to open next month.
The company is also advancing several residential and tourism projects nationally.
Jonathan Jackson, 21st September 2023
