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The Shangri-La Hotel in Sydney, one of the city’s premier five star hotel assets, has been sold. Craig Collins, CEO Australasia - Jones Lang LaSalle Hotels advised the owner, Government of Singapore Investment Corporation Pte Ltd, on the sale. The hotel was acquired by a wholly owned subsidiary of Shangri-La Asia Limited. Shangri-La Hotels and Resorts will continue to operate the hotel under the Shangri-La brand.
Originally opened in 1992 as the ANA Sydney, the hotel is superbly located in ‘The Rocks’ precinct of the CBD and overlooks Sydney Harbour. It features 563 guest rooms & suites together with four food & beverage outlets, extensive conferencing spaces, a health club & spa and undercover car parking.
The sale follows a flurry of Australian hotel transactions during the first six months of 2012 in which a number of major assets have sold including Colonial First State’s Marriott Portfolio, The Observatory Hotel Sydney and Citigate Perth (all undertaken by Jones Lang LaSalle Hotels). Jones Lang LaSalle Hotels’ expectations for full year hotel sales volume has now increased to around $1.4 billion – one of the highest levels on record.
Mr Collins said, “The deal adds to an exceptional first half of the year for hotel sales with total transaction volume reaching almost $1 billion. Not since the heights of 2006-2008 have we witnessed this level of activity.” He added, Asian investment accounts for over 90% of transaction volume year-to-date, despite a number of major players from other regions of the globe showing a renewed interest in the sector. This sale gives further credit to the state of Australian hotels and shows there is strong depth in the market for CBD assets.”
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