Chinese investor buys another Australian property
Zobon Real Estate Group and Chinese private equity firm Shanghai United Real Estate have purchased the InterContinental Sydney Double Bay for an estimated sales price of A$140 million ($104 million). The seller was Singapore-based Royal Hotels Australia, which acquired the property for $60 million ($45 million) in 2013.
InterContinental Hotels Group continues to manage InterContinental Sydney Double Bay.
This is the second major hotel deal Shanghai United has made in the past year. In March, Shanghai United unveiled first images of its $120 million five-star new-build luxury boutique MGallery by Sofitel hotel with AccorHotels. Named The Porter House Hotel, MGallery, the hotel will feature 121 guest rooms and suites located at levels one to nine at the proposed mixed-use 36-story tower at 110–118 Bathurst St. and 203 Castlereagh St. in the CBD. The tower will house 131 apartments known as Castle Residence Apartments.
Shanghai United Real Estate has plans to in