Mirae Asset Global Investments bought the 531-room Four Seasons Hotel Sydney from Eureka Funds Management for A$340 million (US$306 million).
Mirae Asset Global Investments, the asset management arm of Mirae Asset Financial Group, Seoul, South Korea, has appointed Millinium Capital Managers, Sydney, to manage the asset.
Eureka Funds Management, Sydney, bought the hotel for A$225 million (US$203 million) in 2006. WAtoday.com.au reported that bidders for the hotel included investors from China, Hong Kong, Singapore, South Korea and the U.S.
Sydney continues to be Australia’s hottest hotel investment market, accounting for about 60% of the total transaction volume so far in 2013 according to Jones Lang LaSalle data.
