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M&L Hospitality acquires hotel development site in Sydney
SINGAPORE-BASED real estate investment group M&L Hospitality has acquired a hotel development site in Sydney.
"The addition of 65 Sussex Street will increase M&L Hospitality's overall portfolio in Sydney to more than 1,000 hotel rooms and 16 hotels globally once completed," the firm said in a release on Thursday.
The site, 65 Sussex Street, is situated close to Four Points by Sheraton Sydney and Barangaroo. The greenlight for development was granted in October this year. M&L plans to appoint a contractor by the first quarter of next year. The hotel is slated for completion by the fourth quarter of 2017.
M&L also highlighted that the mid-scale hotel property is likely to be "one of the key beneficiaries" of the investment in Sydney CBD's growth precinct.
In addition to being adjacent to the King Street Wharf dining precinct on the northern end of the Western Corridor, there is also office and retail facilities from the Western Corridor. New convention space is available at the Four Points by Sheraton Sydney, which underwent a multi-million dollar redevelopment.
In Australia, M&L also owns Australia's biggest hotel, the Four Points by Sheraton Sydney and Swissôtel Sydney.