The Crystalbrook Collection hotel empire expands to Canberra before its global expansion
The Crystalbrook Collection hotel empire is looking to expand globally thanks to the vision of billionaire Dubai-based owner Ghassan Aboud. But first, the hotelier is looking to conquer Canberra.
Aboud told The Australian Financial Review “We’d like to take Crystalbrook to the Middle East, to the Far East and into Northern Europe.
“We see many opportunities in markets that are growing like Australia, such as Finland and Norway.”
The Australian brand recently worked with Canberra local developer Tony Pan’s TP Dynamics to find a site for construction in the nation’s capital.
Crystalbrook Canberra will be a 10-storey hotel with 238 rooms located at Garema Place. It will feature the Territory’s first rooftop bar, a wellness centre, function rooms and a ballroom.
The hotel is expected to open in the first quarter of 2027. The project has an end value of about $200 million.
The site was acquired for $30 milli0on in 2023 and the hotel will play a key role in the government’s plans to revitalise the outdoor dining and retail precinct.
The latest development will be Crystalbrook’s ninth property in eight years in its $1 billion portfolio.
An Adelaide hotel is planned to open in 2026.
Aboud also owns the Rydges Sydney Harbour at The Rocks, which will be rebranded as a Crystalbrook hotel once renovated.
Aboud is looking to diversify into management as well, with a hotel management agreement signed with an unspecified Sydney hotel. He told the Financial Review that he was keen to open hotels in Melbourne and Perth as well as New Zealand.
“We will see. If an opportunity comes along suddenly, we will grab it like an eagle,” he said.
Jonathan Jackson, 28th March 2024
