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Westin Sydney Sells To Asian Joint Venture For $445.3m

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The landmark Westin Sydney hotel has been sold to a joint venture between Hong Kong-listed Sino Land Company and Singaporean developer Far East Land for $445.3 million.

The hotel at 1 Martin Place was previously owned by GIC, who purchased the Westin in 2002 for $160 million.

Far East Land is part of the Far East Organisation, who have purchased more than $1 billion of Australian real estate since the start of last year.

The sale comes as a wave of Asian capital has been buying the majority of Sydney's largest five-star hotels over the last few years.

JLL's Craig Collins and Peter Harper and Colliers International's Gus Moors and Stephen Burt marketed the Westin Hotel when it went up for sale in early January.

RELATED: GIC Private To Sell Sydney's Westin Hotel For Over $400m 

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Article originally posted at: https://https://theurbandeveloper.com/articles/westin-sydney-sells-asian-joint-venture-445-3m