Barings Private Equity Asia pays $370m for Hilton Sydney Hotel
Barings Private Equity Asia (BPEA) has paid A$530 million ($369 million) for Hilton Sydney Hotel, the largest single-asset hotel deal ever closed in Australia.
JLL Hotels & Hospitality Group negotiated the transaction.
The Hilton Sydney Hotel offers 587 guest rooms and suites with a lobby cafe, restaurant, two bars and about 4,000 square meters (43,057 square feet) of conference and meeting space. Other amenities include a swimming pool and large gymnasium operated by Fitness First.
“This transaction is emblematic of the confidence in Sydney’s rapidly recovering hospitality sector and its longer-term investment fundamentals,” said Mark Durran, managing director, investment sales, JLL Hotels & Hospitality Group, Australia. “Despite the current headwinds, landmark hotel assets remain highly sought after by global investors. Established hotel assets of this scale and caliber that offer clear asset enhancement opportunities rarely come to market and