Greaton wins Deal of the Year award for The Ribbon, Darling Harbour

Property developer Greaton has won the Deal of the Year award in the over $100 million transaction category for The Ribbon in Sydney's Darling Harbour at Hotels World 2017.

Greaton beat Novotel Melbourne On Collins, Travelodge Docklands, Intercontinental Sydney Double Bay, Hilton Melbourne South Wharf, W Melbourne and a portfolio of 15 Ibis Hotels to take the award.

Nicho Teng, Greaton managing director said it is a significant honour for Greaton to be awarded this accolade for The Ribbon.

"We are a very new player in the Australian hotel market, but intend to build our presence with several significant acquisitions over the next few decades," he said.

"The Ribbon will set a new benchmark for luxury hotels in Sydney and become a destination of choice by both locals and international tourists.

“The IMAX theatre site in Darling Harbour is one of Sydney’s most famous tourist areas.

"It was only fitting that one of Australia’s best hotels is positioned on this site.” 

John Smith, HotelsWorld Australia CEO said Greaton was against a strong field of major deals but was a stand-out.

"The Ribbon is an amazing transaction due to its unique nature, location and scale, all within what promises to be a timeless modern architectural masterpiece," he said.

"It is an important addition to the hotel market in Sydney, which needs more luxury hotels to meet burgeoning demand from local and overseas markets.”

The Ribbon features a 25 storey luxury hotel and the return of the IMAX theatre.