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Sydney’s Transformation Gathering Pace

Release Date: 16/09/2015
The Sydney Business Chamber has recognised today’s announcement of the leasing of Sydney’s sandstone buildings in Bridge Street to become a luxury hotel, as further proof of the confidence in the Sydney economy.
Executive Director of the Sydney Business Chamber, Patricia Forsythe said, “Not only will the proposed luxury 240-room hotel help address the chronic undersupply of quality hotel rooms in Sydney’s CBD, but it sends a strong message about the emergence of Sydney as a key destination in the Asia Pacific region.
“With NSW Government leadership on key transport projects, the new business hub at Barangaroo and the revitalisation of the Darling Harbour precinct, Sydney is reshaping itself as a modern liveable city that is open to investment and new projects.
“Despite the strict heritage protection order over the sandstone buildings, their internal fit out was well beyond their use-by-date and they were hardly fit-for-purpose as modern open-plan offices.
“The successful redevelopment of the nearby Intercontinental Hotel in the 1980’s is a clue to the role that these gorgeous Sydney buildings can play as future tourist iconic assets.
“The potential $250 to $300 million investment is yet another major project that has been announced for the CBD around the light rail precinct, including new commercial, residential and hotel developments.
“One of Sydney’s challenges in recent years has been managing its growth in tourism and business event travel, with a vast undersupply of hotel rooms.
“One of the findings of the Visitor Economy Taskforce was that Sydney needed strong investment in hotels to support the growth in tourism especially from Australia’s emerging Asian neighbours.
“Relocating the NSW Government departments out of these old buildings and giving them a new lease-of-life as luxury hotels is a smart investment in Sydney’s future,” said Mrs Forsythe.
Media contact: Patricia Forsythe 0418 165 466 or Kate Bryant 0424 186 367

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