Sydney Hilton Hotel sells to Singaporean Bright Ruby

The Singapore-based Chinese-backed investment vehicle, Bright Ruby has bought the Sydney Hilton Hotel on George Street for $442 million.

Bright Ruby already owns two Sydney office towers, 10 Barrack Street and 231 Elizabeth Street.

Hilton will continue to manage this property, subject to a 50-year management agreement, the company said of the 579-room hotel on George Street. 

Hilton Worldwide chief executive Christopher Nassetta said the company had taken advantage of "attractive pricing".

It was sold at a multiple of 15 times adjusted earnings, before interest, taxes, depreciation and amortisation, on a yield of about 6% through JLL Hotels & Hospitality Group Australasia chief, Craig Collins.

Bright Ruby’s founding Du family are from the Chinese coastal province Shandong.