A joint venture between Singapore’s Far East Land and Housing Development Co. and the Hong Kong-based Sino Land Co. announced plans to purchase The Westin Sydney and its adjoining Heritage Retail podium from GIC Private for A$445.3 million (US$343.5 million).
Starwood Hotels & Resorts Worldwide will continue to manage the 416-room hotel under the existing management agreement.
The deal is the latest example in a wave of Asian buyers acquiring noteworthy hotels in Sydney. Chinese investment giant Bright Ruby recently bought the Hilton Hotel Sydney, and last November China’s Sunshine Insurance Group purchased Sheraton on the Park Hotel. In 2013, South Korea’s Mirae Asset Global Investments acquired Sydney’s Four Seasons Hotel, and shortly after that Singapore’s Frasers Centrepoint bought Sofitel Sydney Wentworth.