At $1 million a room, Westin Sydney sells
The Westin Sydney hotel has been sold to a joint venture between Singaporean developer Far East Land and the Hong Kong-listed Sino Land Company for $445 million.
The Far East Organisation has purchased more than $1 billion of Australian real estate since the beginning of last year.
The GIC-owned Westin Sydney, at 1 Martin Place, is a five-star hotel with 414 rooms.
JLL and Colliers International were marketing the hotel which GIC purchased at $160 million in 2002.
Singapore’s Government Investment Corporation had reported hopes of more than $400 million for the five star hotel.