Reflecting the recent influx of Asian investment in Australian hotels, Fu Wah International bought this week the 240-room Park Hyatt Melbourne.
The Sydney Morning Herald reported that Fu Wah International, Beijing, bought the hotel for A$135 million (US$118 million) from GIC, Singapore, in an off-market transaction. GIC had bought the hotel from developer Lustig & Moar in 2003 for A$125 million (US$109 million).
Fuh Wah is controlled by one of China’s richest women, billionaire Chan Laiwa, and the commercial real estate company’s portfolio includes several hotels in China. This is its first hotel in Australia.
