The division of assets in the split between Crown Group owners Iwan Sunito and Paul Sathio continues as Sunito takes over a 90-room hotel and conference centre.
The Skye Suites Green Square and One Global centre, at the $575-million Infinity Park Precinct in Sydney’s inner west, is now Sunito’s as part of an asset swap with his ex-business partner Sathio.
According to One Global, the transaction strengthens its balance sheet by $120 million.
The Infinity mixed-use project was designed by Koichi Takada Architects, and Sunito said that his vision was to regenerate the Skye Suites hotel with a new brand and offering.
“We are looking to take the Skye Suites hotel to the next level, under a new brand, One Global Resorts,” he said in a media statement.
“We will embark on developing a new hotel chain beginning with Skye Suites Green Square, followed by our site at Macquarie Park with more planned.
“Now as full owner, the asset swap allows these amazing brands and assets to continue to operate at the highest level.”
Sky Suites has 90 rooms across 20 storeys.
The 650-seat, $20-million One Global conference centre is under construction and is due to open in the third quarter of this year.
Liquidators from BDO were appointed to Crown Group last year by the NSW Supreme Court, throwing the future of several projects, including one in Brisbane, in doubt and forcing the sale of a DA-approved Waterloo project.
“It’s important to know that Crown is not being liquidated because of insolvency, but because two parties are having a deadlock and there is an inability to move forward,” Sunito told The Urban Developer at the time.
