Rydges Bankstown sells to the Laundy Group
18th October, Sydney – Rydges Bankstown in Sydney’s southwest business district, has been sold to the Laundy Group for $28 million after an on-market campaign overcame the challenges of the Sydney lockdown. The Laundy group owns the nearby Twin Willows hotel in Bass Hill and view this acquisition as an opportunity to expand their hospitality offering in the Canterbury-Bankstown region.
Rydges Bankstown has 120-rooms, restaurant, bar and conferencing facilities and on-grade parking for 150 cars. The property sits on a substantial 9,000 sqm site, which has flexible zoning to permit further development, which was viewed favourably by the Laundy Group.
The property was sold by Event Hotels and Resorts, who will retain the management of the hotel under the new owner.
The property was sold by Gus Moors, Karen Wales and Frank Oliveri of Colliers.