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.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
