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Monday, September 28, 2015

NSW Government to sell off luxury hotels in Sydney

The New South Wales Government has announced it will fund an upgrade of Sydney's Circular Quay by selling off several sites, including luxury hotels.

The Government's vision for the upgraded Circular Quay include two-story wharves and retail areas.

Source: ABC

The Shangri-La and Four Seasons hotels in the city's CBD, the Novotel and Mercure hotels at Darling Harbour, and commercial offices at Darling Quarter are among the properties owned by the Sydney Harbour Foreshore Authority (SHFA) that will be put on the market.

The Government said it would raise $200 million to fund the construction of new state-of-the-art ferry wharves, with construction expected to begin in 2019.

Premier Mike Baird said the Government did not need to be the landlord for luxury hotels and the money raised would be put to good use.

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