A new boutique hotel for Surry Hills
The former Paramount Pictures building in Surry Hills, the enclave in Sydney inner city that’s home to small bars, cafes and restaurants, is being turned into a trendy new hotel.
The Paramount House Hotel, a 29-room boutique hotel and restaurant, is the work of entrepreneurial property developers, investors and coffee gurus.
It will be opening in early 2018.
And with entry level prices of $200-$300 a night, it’s expected to appeal to corporate travellers.
“It’s the first new boutique hotel developed in Surry Hills in decades,” Russell Beard of Reuben Hills café told Commercial News. “We are aiming to please everyone really – we will offer amenities for both leisure and corporate travellers.
“We have the Paramount Coffee Project in Sydney and one in Los Angeles.”
Beard happens to be one of the entrepreneurs backing the new hotel. He will also have a hand in running it.
Beard and Mark Dundon of Melbourne’s Seven Seeds Speciality Coffee Roaster each have a 15 per cent stake in the Paramount hotel.
Property investor Ping Jin Ng of Paramount House has the remaining 70 per cent.
The troika has been working together for five years.
The hotel is actually two connected buildings.
It features an entrance and lobby located in the heritage Paramount House building, along with a restaurant and guest rooms at 76 Commonwealth Street. It is was once the film storage warehouse for Paramount Studios.
It will also have a co-working hub, called the Office Space for all those corporate travellers who want to keep working.
The hotels rooms will have that contemporary look, built from concrete, terrazzo and timber.
The original building was acquired in 2013 for $5.01 million in a deal managed by Michael Khoury who now works for CBRE.
The total cost of the new project is still being finalised.
by Leon Gettler, August 25th 2017
