Syrian billionaire ‘very keen’ on Melbourne CBD hotel opportunity – Medical Marijuana Program Connection

A move into the Victorian capital is part of an expansion drive that will see Crystalbrook open its first hotel in Adelaide in two years’ time and develop a flagship property at The Rocks in Sydney. Discussions are also advanced on another hotel opportunity in the Sydney CBD.

A move into New Zealand is also on the cards. Mr York and his team identified two “real development opportunities in Queenstown” following a visit last year.

“We’re trying to progress one of those,” he said.

The 200-room Adelaide CBD hotel being developed on Halifax Street by Samaras Group will be the first to be operated by Crystalbrook under a hotel management agreement – part of a strategy to move away from a pure ownership model.

“Central to growth is moving into HMAs and undertaking co-investment,” Mr York said.

He said to be selected as the operator of the Adelaide hotel – to be called Crystalbrook Sam – was testament to the group’s robust operating platform and its strong track record as a hotel owner.

“Because we own hotels, we get valuations and cap rates and developers really like that. We’re not just another hotel operator,” he said.