M&L Hospitality adds another hotel to Sussex St
Singapore hotel giant M&L Hospitality is aiming to dominate the Sydney CBD hotel market, kickstarting the development of a new mid-tier hotel in Sussex St.
Led by billionaire Michael Kum, the family-owned real estate investment group says it will “grow its stake of Sydney’s CBD hotel accommodation” with the development of a 182-room hotel at 65 Sussex St.
M&L Hospitality forked out $22.5 million for the 65-79 Sussex St site, buying it from local developer Alfasi earlier this year.
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M&L Hospitality has hired Multiplex to develop the eight-level hotel designed by architects Fitzpatrick + Partners.
Jones Lang LaSalle Hotels executive vice-president Peter Harper says there is an obvious need for more hotels in the Sydney CBD.
“With one of the highest occupancy rates in the world and the impending opening of the Sydney Convention Centre and several other public and private developments there is certainly a need for additional accommodation offerings in the Sydney market given the positive growth outlook,” Harper says.
Multiplex NSW regional managing director David Ghannoum says the company is excited to deliver another new hotel to Sydney’s CBD off the back of its redevelopment of 161 Sussex St, also for M&L Hospitality.
There is certainly a need for additional accommodation offerings in the Sydney market given the positive growth outlook
Multiplex is presently completing the final phase of M&L Hospitality’s $250 million redevelopment of 161 Sussex St Sydney, which is set to be rebranded as the Hyatt Regency Sydney on December 1.
M&L Hospitality also controls the Four Points by Sheraton Hotel in Sussex St, which is one of Australia’s largest hotels. However, it scrapped the mooted $1.5 billion sale of the bulk of its hotel portfolio earlier this year including its Swissotel in Market St.
Meanwhile, one of the world’s largest hoteliers, the Intercontinental Hotels Group, plans to develop a new 123-room Holiday Inn hotel in St Marys in Sydney’s west, after signing a franchise agreement with the local rugby league club. The hotel is due to open late next year.
This article originally appeared on www.theaustralian.com.au/property.
