UAE headquartered multi-business conglomerate Ghassan Aboud Group has purchased the Rydges Sydney Harbour Hotel located in the city’s historic Rocks precinct for around A $100mn.

The group owns the award-winning hotel development and management company Crystalbrook Collection that 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 an 1,825 sqm site, with 176 rooms are spread across two buildings, including an eight-storey heritage building and a six-storey 1980’s 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 conceptualise the vision and development plans for the hotel for its inclusion within its unique branding.

Commenting on the acquisition Ghassan Aboud, Chairman of GAG said “the location is absolutely fantastic and 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 Ghassan Aboud Group 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 beyond.”

Crystalbrook’s CEO, Geoff York noted “our group has been seeking a Sydney flagship property to complement our growing portfolio. The prime location, coupled with an ability to reposition the property to our demanding design standards, made this an ideal acquisition for us.”

In business for nearly 30 years, the Ghassan Aboud Group is engaged in automotive, hospitality, retail, food, media, logistics, healthcare, catering, and digital marketplaces.