Crystalbrook enters Sydney hotel market
THE internationally backed hotelier Crystalbrook Collection has made its first foray into Sydney, buying the 35room Little Albion Guest House in Surry Hills for about $30 million.
Founded recently by Syrian billionaire Ghassan Aboud, Crystalbrook has $100m invested in three hotels that are about to open in Cairns as well as a lodge in Queensland’s outback. The Crystalbrook Lodge and Crystalbrook Station were acquired from Port Douglas businessman John Morris in early 2017 and include a 34,000ha cattle station.
About 220km west of Cairns, the Crystalbrook Lodge features five suites and charges $1800 per room per night, all inclusive.
Crystalbrook Collection is also preparing to expand into Port Douglas by building a hotel at the Marina Mirage.
Meanwhile in Sydney, Crystalbrook has bought Australia’s newest boutique hotel, which was developed and designed by Paul Fischmann, founder and owner of 8Hotels.
The hotel is in a heritage building constructed in 1910.
The chief executive of GA Group Australia, which trades as Crystalbrook Collection, Mark Davie, said the Little Albion Hotel’s location in Surry Hills made it an excellent investment for the group.
Mr Fischmann said he had not intended to sell the Little Albion.
“We spent three years building it for the long term and it was a very personal project, but Wayne Bunz from CBRE approached with an offer I couldn’t refuse.”