GIC puts Westin Sydney for sale

Hotel Westin Sydney, visual from website

Singapore’s sovereign wealth fund, Government of Singapore Investment Corp (GIC) has put five-star hotel it Australia, Westin Sydney on the market and hopes to raise over $4000 million from the same.

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.

Last year, GIC had sold the Park Hyatt in Melbourne to Fu Wah International for $135 million.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.