Sydney hotel sold to foreign JV for A$445m
The Westin Sydney hotel and its adjoining Heritage Retail podium have been sold to a joint venture between Singaporean developer Far East Land and Hong Kong–listed Sino Land Co. for A$445.3 million ($344.9 million).
The Westin Sydney is a deluxe hotel set in the heart of Sydney’s fashion and financial district. The iconic five-star hotel features 416 rooms and conference facilities. Located at 1 Martin Place, the Westin Sydney is surrounded by the city's most exclusive designer shopping, best restaurants, theaters and nightlife, and is close to Sydney attractions such as Darling Harbour, the Sydney Opera House and the Sydney Harbour Bridge.
The Westin Sydney will continue to be managed by Starwood Hotels & Resorts under the existing management agreement. At the same time, tenants in the Heritage Retail podium will now have access to the new owners’ property management infrastructure serving the group’s Sydney-based retail and of