Paul Fischmann sells another Surry Hills hotel
Paul Fischmann has sold Sydney’s first cross laminated timber hotel – Clancy.
The recently completed, six storey pre-fab building at 202-210 Elizabeth Street, Surry Hills (Google Street View image, top), has fetched about $30 million from an as yet undisclosed local operator.
On 329 square metres, the property includes 38 suites, two ground floor retail tenancies and an activated rooftop.
The deal comes four years since Mr Fischmann’s 8 Hotels sold another boutique Surry Hills venue, the Little Albion Guest House, to Ghassan Aboud’s Crystalbrook Collection, coincidentally also for $30m.
Occupancy, room rate boom
Colliers’ Joseph Lin and Gus Moors brokered the off-market sale of 202-210 Elizabeth St for 8Hotels and a development partner Jonathan Hannan, who paid $7.5m for the site in 2018.
“It is not difficult to understand the acquisition strategy of this newly completed hotel in the heart of the Tech Central precinct,” Mr Lin said (story continues below).
Occupancy and room rates are set to surge following China phasing out strict lockdowns, according to the executive.
Mr Moors added the average Sydney CBD hotel room is approaching $280 per night – about 10pc more than the 2019 rate ($250).
The transaction comes six months since developer George Karageorge outlaid $11.5m for the suburb’s unrenovated City Crown Hotel, on 385 sqm at 287-289 Crown St.
Two years ago, German fund manager Real IS paid $97m – a Surry Hills record – for neighbouring offices on Waterloo and Lacey streets.
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