Troubled Sydney hotel on the market
The millionaire owner of the Astoria Hotel in Sydney Colin Tseris has put the property up for sale.
The property has been at the centre of a Daily Telegraph expose and earlier this month it was revealed that its owner had been receiving money from the state government to accommodate Housing Commission tenants, despite the fact the hotel was declared a “disorderly house” by the NSW Supreme Court in 2009.
The real estate listing says the Astoria has “significant existing cashflow” with an annual turnover of $700,000, according to the Daily Telegraph.
“Superbly situated hotel with substantial scope for immediate improvements,” the advertisement reads. “Gross income $700,000 pa (approx) plus considerable upside within walking distance to train station and all amenities. Various configurations throughout, all with own bathrooms. Significant existing cashflow, good opportunity to capitalise on burgeoning budget accommodation market.”
It reportedly cost tourists more than $100 per night for a room at the hotel.
It remains the only building in NSW to currently be classed as a disorderly house. Tourists, who sleep in rooms alongside some of the most troubled members of society, are unaware they are confined to one of the state’s most dangerous accommodation facilities, according to the Daily Telegraph report.
Mr Tseris said he co-operated with police and welcomed the disorderly house declaration. He said he regretted buying the hotel 12 years ago.
