Hilton sells Sydney hotel to Chinese company
Hilton Worldwide is under contract to sell the Hilton Sydney for A$442 million ($342.4 million) to Shanghai-based Bright Ruby Resources.
The five-star property is located in the heart of George Street.
Bright Ruby Resources is a family trust owned by the Du family in China. It started its buying spree in 2013 with the acquisition of a hotel and retail property in Singapore valued at $912.4 million. According to Real Capital Analytics, Bright Ruby Resources entered the Sydney market in 2012. It acquired the office property located at 10 Barrack St. for A$82.3 million ($64.6 million). And in 2013, the firm acquired Telstra House for A$266.1 million ($208.8 million).
Many investors over the past two years have been attracted to opportunities in Australia. Transaction volumes reached a record $2.2 billion (up 86 percent year-on-year), according to JLL’s second half 2014 Hotel Investment Highlights report. The top 10 single-asset transaction