The Daily Telegraph is reporting that four prominent Sydney hotels — the Shangri La, Four Seasons, Novotel and Mercure — will be sold by the NSW government. The sales are part of an endeavor to raise $200 million that will go toward improving Circular Quay wharves from their current “run down” state.
The sale of the hotels, which are leased by private operators, follows $1 billion worth of sales by Government Property NSW since April 2013.
The Sydney Harbour Foreshore Authority, which manages the buildings being sold, will be abolished under the plan, and its functions transferred to other government agencies. The Authority currently holds $1 billion in property assets and its commercial property portfolio generates $18 million in rent a year for the government.