SINGAPORE'S Far East Organization has teamed up with its Hong Kong-listed sister company Sino Land for a A$445.33 million (S$467.72 million) acquisition of The Westin Sydney and its adjoining Heritage Retail podium .
The property is being sold by GIC Real Estate.
The five-star hotel features 416 luxurious rooms and extensive conference facilities. Located at 1 Martin Place, the property is complemented by a large prime retail podium fronting Martin Place, George and Pitt Streets.
Part of the redevelopment of Sydney's historic General Post Office, The Westin Sydney is surrounded by the city's most exclusive designer shopping, best restaurants, theatres and nightlife. The hotel is also close to attractions such as Darling Harbour, the Sydney Opera House and the Sydney Harbour Bridge.
"The acquisition of the Sydney landmark is consistent with the hospitality business strategy of Far East Organization and Sino Group, and aligns with the group's long-term vision to build an enduring leading real estate business in Australia," the two companies said in a joint release issued on Tuesday.
The Westin Sydney continues to be managed by Starwood Hotels & Resorts under the existing management agreement.
Sino Land is part of the Sino Group stable in Hong Kong. Both Sino Group and Far East were set up by the late property tycoon Ng Teng Fong.
Far East Organization has a growing portfolio of quality investment properties and development sites in prime locations across Australia, having invested A$1.78 billion in acquisitions and joint ventures since 2013. Today, Far East Organization has a significant presence in the hospitality, residential and commercial sectors in Australia.