The eight-storey heritage building, centrally located on the corner of Pitt and George Streets opposite Sydney’s Central Station, was purchased by Millett Group from the State Rail Authority of NSW.

The historic building underwent a major internal renovation before reopening as Wake Up! Sydney Central in 2002. The first Sydney hostel of its size and scale, Wake Up! is a 540 bed purpose-built youth hostel incorporating a bar, restaurant, café and travel agency.