International wealth fund
GIC Private is selling the
Westin Sydney on Martin Place, with the expected sale price to reach over $400 million due to international interest.
According to The Australian, the sale process follows a flurry of activity in prime hotel space over the past 12 months including the sale of the larger Sheraton on the Park for $463 million.
GIC, a Singaporean wealth fund formerly known as the Government of Singapore Investment Corporation, purchased the Sydney hotel in 2002 for $160 million to build up its Australian property portfolio.
The five-star Westin Sydney boasts 414 rooms, a ballroom that can accommodate 1,200 guests, extensive meeting and conference rooms and a full service business centre.
It is part of the redevelopment of Sydney’s historic General Post Office on Martin Place and is surrounded by a luxury goods retail precinct.
According to The Australian sources estimate that the price for the Westin could be in the range of the $850,000 per room paid for the Sheraton on the Park on Elizabeth Street, overlooking Hyde Park.
“It could go even higher,”one source in the hotel industry told The Australian.
GIC’s sale of the Westin Sydney comes nearly a year after it sold the Park Hyatt in Melbourne to Fu Wah International for $135 million.