With the NSW Department of Education Building recently sold off alongside the Lands Department of Building by the NSW Government,it came to my attention that it was not the first attempt to do so. Here is a clipping from 1997.
But instead of becoming a hotel, it was going to become home to the ASX. They did end up in Bridge Street, but at Exchange Square.
Source: Anonmoyous. 1997. "Landmark HQ a fair exchange for ASX". The Daily Telegraph, September 26: 36.