Accor has added to its growing luxury portfolio with Sofitel Sydney Darling Harbour, after signing a management agreement for the new ICC Hotel.
Construction of the 35 storey Sofitel Sydney Darling Harbour hotel is expected to start towards the end of 2014, and it is due for completion in the second quarter of 2017.
The uniquely designed property will feature 600 guest rooms to support the growing accommodation demand.
The luxury hotel forms part of the New South Wales Government’s AU$2.5 billion (US$2.3bn) transformation of Darling Harbour, which includes the creation of Sydney’s new convention, exhibition and entertainment precinct.
The Australian hotel market is witnessing a flurry of activity with offshore investors from Abu Dhabi, Korea and Singapore acquiring hotels in Sydney, driven by the huge potential in the Australian luxury market.
The country is becoming a hot spot for international luxury brands, with an increasing number of ultra-high net-worth residents and independent Chinese travellers fuelling the growth.
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