Chinese group snares Melbourne’s Park Hyatt for $135m
In the largest deal, private Chinese investor Fu Wah International Group has made its first significant foray into the Australian property market with the purchase of Melbourne?s landmark Park Hyatt hotel.
It was understood the price paid was about $135 million, but the agents and buyer declined to comment.
The five star hotel is located near Melbourne?s Parliament House at 1 St Andrews Place and was developed in 1999 by Lustig & Moar at a cost of $150 million. The sale involves both the 240 room Park Hyatt hotel and an adjoining commercial car park.
Wayne Bunz, senior director of CBRE Hotels, Australia, and Anton Eilers, executive director of CBRE China brokered the off-market transaction between Singapore?s GIC and Fu Wah International Group.
The agents said the transaction continued the wave of recent Chinese investment into the Australian property market, with much of the recent activity having centred on investment and development opportunities in Melbourne.
Investment in the national hotel sector is tipped to breach the $2 billion level in the coming few months as buyers get a foothold before the next growth phase.
In Sydney, the planned Crown Hotel at Barangaroo and the recent sale of the Four Seasons Hotel in Sydney has triggered another round of interest in the sector by Australian and overseas investors.
Last November, the Four Seasons Hotel Sydney was sold for $340 million to Korea’s Mirae Asset Global Investments and the 31-hotel TAHL Australian portfolio was sold for $800 million to the Abu Dhabi Investment Authority.
Established in 1988, Hong Kong-based Fu Wah is engaged in real estate development, hospitality and art & culture services. The group?s existing property portfolio includes the Regent Beijing hotel, the Park Plaza Wangfujing hotel and the Sandalwood Beijing Marriott Executive Apartment, among others.
Click here to read more.