According to a report in The Australian, this is the latest in a series of hotel deals in the country over the last 12 months, including the sale of the larger Sheraton on the Park for $463 million to China’s Sunshine Insurance Group.
The report said that JLL Hotels is handling the sale of Westin Sydney had declined to comment.
GIC had bought this five-star hotel located in Sydney’s Central Business District, that has 414 rooms, a ballroom that can accommodate 1200 guests, extensive meeting and conference rooms and a full service business centre, for $160 million in 2002, the report in The Australian added.
It also quoted unnamed sources saying the Westin could command prices to the range of $850,000 per room paid for the Sheraton on the Park on Elizabeth Street, overlooking Hyde Park, while one source told the publication that the deal price could even be higher.
Sydney has seen several large hotel deals recently, including the private hotelier Jerry Schwartz’s purchasing Sofitel Hotel Darling Park for $360 million from Lend Lease. JLL is also handling the deal to sell Hilton Sydney on George Street that is owned by New York-listed Hilton Worldwide.