Chinese-backed property developer Greaton has beaten six other short-listed transactions to claim the Deal of the Year award in the transaction category for The Ribbon hotel development in Darling Harbour at HotelsWorld2017.
Finalists in the "over $100 million" transaction category included Novotel Melbourne On Collins, Travelodge Docklands, Intercontinental Sydney Double Bay, Hilton Melbourne South Wharf, W Melbourne and a portfolio of 15 Ibis Hotels.
The Ribbon purchase is one of Australia’s largest hotel transactions, valued at over $730 million.
HotelsWorld CEO John Smith said Greaton was up against a strong field of major deals but was ultimately 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.”
Over 500 of Australia’s leading hotel CEOs and industry leaders from across Australia, New Zealand and the Asia Pacific region attended the high-profile event, held at Sofitel Sydney Wentworth.
Greaton Managing Director Nicho Teng considered it a significant honour for Greaton to be awarded the 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.”
The Ribbon comprises a 25-storey luxury hotel and the return of an IMAX theatre. Grocon is developing and building The Ribbon for Greaton, who will be the future owner of the luxury tower.
The Ribbon will be unique in form, creating a dramatic and memorable structure on Sydney's skyline.
Construction is underway on the hotel, with international architectural practice Hassell at the helm of the design team.