Grocon has chosen a heavyweight Chinese consortium to buy the $700 million Ribbon hotel development it has proposed on the site of the IMAX cinema at Darling Harbour, according to The Australian.
The newspaper reported that the sale of The Ribbon was close to being finalised and would mark the largest ever sale of a single hotel property in Australia.
It said the rumoured price had excited the industry as it would set a new benchmark for hotel property in Australia.
Grocon’s planned redevelopment of the IMAX into a six-star W Hotel and luxury serviced apartments drew significant international interest, along with bids from local players.
The Australian reported that the Chinese mainland grouping had been selected ahead of another Asian player that was also short-listed in February.
The hotel and serviced residences were marketed on Grocon’s behalf by Craig Collins and Simon Storry of JLL and Dean Dransfield of consultants Dransfield Hotels and Resorts.
Grocon had initially planned to build an office tower on the site before switching to the hotel project.
The proposed building comprises a 402-room hotel and 159 one, two, three and four-bedroom apartments, to be called The Ribbon Hotel and Residences.