Sydney’s first prefab timber hotel sold for $30m

In a sign of growing confidence in the recovery of the hospitality sector, Sydney’s first prefabricated timber hotel has been snapped up by a local operator for about $30 million before even opening its doors to customers., was developed by former Young Rich Lister Paul Fischmann’s 8Hotels and his business partner Jonathan Hasson.by Sydney-based Alessi Design and Build. It is due to open soon.

The latest figures from analysts STR show Sydney’s hotel occupancy rate rose to 67 per cent in May, compared with 53 per cent a year ago, while the average daily rate for a room was $235 up from $190., given the ability to reprice rooms and lift revenue on a daily if not hourly basis. “With the phasing out of the strict lockdown measures in China, we anticipate seeing more Chinese tourists returning to Australia, giving a boost to the hotel room rate as well as the occupancy rate,” Mr Lin said.“Sales like ours and a few others over the last couple of months, show that people are very keen on the space, especially in locations like Surry Hills.

Colliers head of hotels Gus Moors said the sale was testament to the strong long-term fundamentals of the Sydney hotel market.

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