In partnership with real estate developer Shanghai United, AccorHotels has announced that a new-build luxury boutique MGallery by Sofitel hotel will be built in Sydney CBD’s Castlereagh Street.
The new-build $120m+ landmark luxury hotel will be a 36-storey tower with a 121-room hotel housed over Levels 1-9 with 131 residential apartments above.
“The Sydney hotel sector is the strongest in Australia with consistent occupancy levels in the mid-high 80 percent range and average rates growing sharply,” said chief operating officer Pacific for AccorHotels, Simon McGrath.
“This new MGallery by Sofitel hotel will stand to greatly benefit from the tourism and infrastructure boom we are currently seeing with projects such as the International Convention Centre and light rail development.”
Construction will commence early 2018 with expected completion in December 2020.
