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
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Anita Gabriel
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Singapore
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).
Royal Hotels Australia Pty, part of Singapore's Royal Group, said it inked the agreement to sell InterContinental Sydney Double Bay to Shanghai United Real Estate and Zobon Real Estate Group. "The sale of this asset followed our strategy of recycling capital following the initial stabilisation period," said Royal Group managing director Peter Wilding.
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