Ghassan Aboud’s Crystalbrook collection acquired the Rydges Sydney Harbour Hotel for about $100 million by the multi-business conglomerate Ghassan Aboud Group (GAG), which has its headquarters in the UAE.
The group owns the award-winning hotel development and management company Crystalbrook Collection which has three hotels in Cairns in addition to properties in Brisbane, Byron Bay, Newcastle, and a boutique hotel in Sydney’s Surry hills.
The newly acquired hotel occupies a 1,825 sqm site, with 176 rooms spread across two buildings, including an eight-story heritage building and a six-story 1980s development, which created an imposing atrium lobby flooded with natural light from its glass ceiling.
The hotel also features a rooftop pool with panoramic views of Sydney Harbour Bridge and the Sydney Opera House. Crystalbrook will eventually conceptualize the vision and development plans for the hotel for its inclusion within its unique branding.
Ghassan Aboud, chairman of GAG said, “the location at the historic Rocks district is absolutely fantastic and the deal is timely for Crystalbrook. We will seek to deliver the most deserving design and quality that is commensurate with the property’s location and history.”
Suresh Vaidhyanathan, group CEO at GAG said “this is a valuable addition to Crystalbrook’s robust portfolio of assets and gives us a strong foothold in Sydney’s hospitality market. Crystalbrook has demonstrable credentials to expand its brand offering as a management company in Australia and international markets.”
Crystalbrook’s CEO, Geoff York said, “our group has been seeking a Sydney flagship property to complement our growing portfolio. The prime location and an ability to reposition the property to our demanding design standards made this an ideal acquisition for us.”
The Ghassan Aboud Group has been in operation for almost 30 years and works in a variety of industries, including catering, media, retail, food, hotel, automotive, and hospitality.
