Scape founders sell ex-YWCA hotel
Scape co-founders Craig Carracher and Stephen Gaitanos have sold an inner-city Sydney hotel, six years after acquiring it from the YWCA.
The five-storey Hotel Hacienda, at 179 Cleveland Street, Redfern, sold for $22 million, after a failed campaign two years ago.
The pair, as part of a consortium, paid $15.05m through Varsity Australia Investments Pty Ltd, which was backed by the Scape founders and several family investors.
The YWCA NSW had owned and operated the property as Song Hotel Redfern, one of two commercial hotels it used to generate profits for its charitable activities.
The organisation acquired the Redfern hotel in 2006 before transferring its assets and liabilities to YWCA Australia as part of a national restructure in 2018.
Hotel Hacienda
On 506 square metres at the corner of Elizabeth St, Hotel Hacienda contains 63 studio rooms, a two-bedroom apartment, a ground-floor restaurant and a rooftop terrace.
Also with 12 basement car parks, the gross floor area is 1800 sqm (continues below).
It has a 24-hour liquor licence.
Varsity spent about $2m refurbishing the property in 2021 including upgrades to furniture, fittings, equipment and building services.
It was listed in 2024 with mid-$20m price hopes.
That campaign highlighted alternative uses under its mixed-use zoning, including co-living, boarding houses, residential apartments and serviced apartments.
Adam Charles with Knight Frank were the marketing agencies.
The deal comes a year since Marty Short and Ben Shaw sold the Redfern Hotel after nine years and a renovation.
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