One of Sydney’s most iconic five star hotels, the Four Seasons Hotel Sydney, has been sold for $340 million to one of Korea's largest financial institutions, Mirae Asset Global Investments.
The property was marketed jointly by Craig Collins of Jones Lang LaSalle’s Hotels and Hospitality Group and Dan McVay of McVay Real Estate on behalf of Eureka Funds Management.
The 531-room property overlooking the Sydney Harbour Bridge and Opera House at Circular Quay recently underwent an extensive $45 million dollar refurbishment program over recent years, including the addition of a new restaurant, bar and substantial state-of-the-art conferencing facilities.
“We are delighted with the sale of the hotel which was in response to Unitholders’ desire to crystallise the strong profit growth over the past four years in a period where returns from other property asset classes has been somewhat muted,” commented Glen Boultwood, Fund Manager of Eureka Funds Management.
Eureka remains committed to the hotel sector and continues to own 7 hotels across Australian and New Zealand.
The hotel will be managed by a Sydney-based firm Millinium Capital Managers.
“This is an exciting investment by one of Korea’s largest financial institutions and we believe it will not be the last. We are looking forward to continuing the success of the Four Seasons Hotel Sydney,” said David Grey, Managing Director of Millenium Capital Managers.
Mirae Asset Global Investments manages $58 billion in assets globally and has invested in commercial real estate properties in Brazil, China, India and the United States.
Sydney continues to be Australia’s hottest hotel investment market accounting for almost 40% of the total transaction volume so far in 2013 including the sale of the Ibis King Street Wharf, Diamant Sydney, Mercure Potts Point and Ritz Carlton Double Bay.
