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07-05-2014, 08:02 AM
Frasers buys Wentworth
Larry Schlesinger
305 words
7 May 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Listed Singapore property group Frasers Centrepoint is understood to have bought the five-star Sofitel Sydney Wentworth in the biggest hotel deal of the year.
Frasers owns and operates $1 billion worth of apartment hotels in Australia through subsidiary, Frasers Hospitality.
The deal was struck at a price in excess of $200 million for the 436-room hotel, which was Sydney's first five-star hotel when it opened in 1966.
The hotel was put up for sale by global real estate manager LaSalle Investment Management late last year.
LaSalle acquired it from Tourism Asset Holdings (TAHL) for $130 million in 2010 for its $3.1 billion LaSalle Asia Opportunity Fund III.
The sale was handled by Craig Collins of JLL Hotels and alongside Sam McVay, of McVay Real Estate. Neither wished to comment.
The Sofitel Wentworth is leased to Australia's biggest hotel group Accor on a long-term agreement in excess of 10 years. LaSalle sought to exit its investment, to take advantage of improving CBD hotel values amid rising demand for these strongly performing assets from Asian and Middle Eastern investors.
In August, Korea's Mirae Asset Global Investments purchased Sydney's Four Seasons Hotel for $340 million, in the biggest single hotel deal in Australian history. A month later the Abu Dhabi Investment Authority paid $800 million for 31 hotels leased or managed by Accor.
Sydney's five-star hotels ranked as the top-performing hotel market over the first quarter of the year, with a 90 per cent occupancy rate and revenue per available room (revPAR) rising 14 per cent to $290, STR Global figures show.
The property holdings of 130-year-old conglomerate Fraser & Neave, a company controlled by Thai billionaire Charoen Sirivadhanabhakdi, were spun off into the listed Frasers Centrepoint Group.
Fairfax Media Management Pty Limited
Document AFNR000020140506ea570001j
Larry Schlesinger
305 words
7 May 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Listed Singapore property group Frasers Centrepoint is understood to have bought the five-star Sofitel Sydney Wentworth in the biggest hotel deal of the year.
Frasers owns and operates $1 billion worth of apartment hotels in Australia through subsidiary, Frasers Hospitality.
The deal was struck at a price in excess of $200 million for the 436-room hotel, which was Sydney's first five-star hotel when it opened in 1966.
The hotel was put up for sale by global real estate manager LaSalle Investment Management late last year.
LaSalle acquired it from Tourism Asset Holdings (TAHL) for $130 million in 2010 for its $3.1 billion LaSalle Asia Opportunity Fund III.
The sale was handled by Craig Collins of JLL Hotels and alongside Sam McVay, of McVay Real Estate. Neither wished to comment.
The Sofitel Wentworth is leased to Australia's biggest hotel group Accor on a long-term agreement in excess of 10 years. LaSalle sought to exit its investment, to take advantage of improving CBD hotel values amid rising demand for these strongly performing assets from Asian and Middle Eastern investors.
In August, Korea's Mirae Asset Global Investments purchased Sydney's Four Seasons Hotel for $340 million, in the biggest single hotel deal in Australian history. A month later the Abu Dhabi Investment Authority paid $800 million for 31 hotels leased or managed by Accor.
Sydney's five-star hotels ranked as the top-performing hotel market over the first quarter of the year, with a 90 per cent occupancy rate and revenue per available room (revPAR) rising 14 per cent to $290, STR Global figures show.
The property holdings of 130-year-old conglomerate Fraser & Neave, a company controlled by Thai billionaire Charoen Sirivadhanabhakdi, were spun off into the listed Frasers Centrepoint Group.
Fairfax Media Management Pty Limited
Document AFNR000020140506ea570001j