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Singapore's Royal Group sells Sydney hotel for A$140m to Chinese consortium

This is believed to be a record price for non-CBD hotels in Australia; Sydney's hotel market is hot, says top property executive

Royal Hotels Australia Pty, part of Singapore's Royal Group, said it has inked the agreement to sell InterContinental Sydney Double Bay (above) to Shanghai United Real Estate and Zobon Real Estate Group.


SINGAPORE's Royal Group has agreed to sell one of its prized assets, a five-star hotel in Sydney, to a Chinese real estate consortium for what is believed to be a record price for non-central business district hotels in Australia at A$140 million (S$144 million).


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