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Historic buildings could be Sydney boutique boom

Some of Sydney’s most historic buildings could be leased out to private hotel operators in a radical new plan to curb the city’s accommodation crisis.

Landmark sandstone structures such as the Department of Planning building on Bridge St and the Lands Building next to the Hyde Park Barracks would be gutted and transformed into modern boutique hotels under the proposal.

Trade and Investment minister Andrew Stoner said the plan would complement the city’s existing hotels along with projects to be built at Barangaroo and the new Sydney Convention and Exhibition Centre. He said it was necessary to meet the city’s spiralling accommodation needs and has called on hotel groups prepared to invest in NSW to approach him directly with proposals to overhaul the historic structures.

It would also net the government millions in revenue while also cutting the cost of maintaining the buildings.

Along with interest from China, Hong Kong and Japan, Mr Stoner said he recently took an executive with British boutique hotel group Red Carnation on a tour of the CBD.

Government modelling suggests Sydney will need to find another 9000 beds by 2020. Australian Bureau of Statistics data shows occupancy rates are now 85.6%, meaning hotels are practically full six nights a week.

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