Hoi Hup Realty buys Sydney hotel for A$201.8 mil, marking entry into Australian property market
Strong domestic and international interest in the sale signals investor confidence in Sydney hospitality assets and may encourage further cross-border acquisitions by Singapore developers.
Hoi Hup Realty entered Australia by purchasing Sydney’s 309-room Four Points by Sheraton Sydney, Central Park for A$201.8 million, equivalent to A$653,074 per key.
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Singapore property developer Hoi Hup Realty has purchased Four Points by Sheraton Sydney, Central Park for A$201.8 million ($184 million), marking its first foray into the Australian property market. The price translates to A$653,074 per key for the 309-room hotel.
The property was purchased from US private equity firm KSL Capital Partners, reported the Australian Financial Review. KSL Capital had acquired the property in October 2021.
JLL and CBRE brokered the sale of the hotel to Hoi Hup Realty. Gus Moors, managing director at JLL’s Hotels & Hospitality Group, said that the sale process received strong interest from both domestic and international investors.
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Marriott International, which owns the Four Points by Sheraton brand, manages the hotel. It first opened in 2018 as a 297-key property.
The hotel recently completed extensive renovations, including the conversion of a conference floor into 12 new guest rooms and a revamp of its ground-floor F&B offering.
The guest rooms include 45 suites, while hotel facilities comprise a fitness centre, conference and meeting spaces, and 44 carpark spaces.
The hotel is located in Chippendale, a Sydney suburb within Tech Central, a major technology and innovation district in the city. Landmarks nearby include the University of Sydney, University of Technology Sydney, and the Darling Harbour convention and entertainment precinct.