$6.5 million to $16 million in 12 months

The 800m2 Elizabeth Street Hotel site was acquired in 2006 for $6.5 million. The subsequent DA approval for a 275-room 4.5 star hotel doubled the number of rooms and the size of the building, quadrupling the yields. Careful planning maximised the efficiencies for hotel operations. The site and the design were sold in 2007 for $16 million.