New South Wales to sell four Sydney hotels

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.

Virtual Event

Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.