SYDNEY:A Chinese private capital group has snapped up Sydney’s Park Regis Hotel for A$46 million ($34.7 million), local media reported on Monday.
The new owner of the hotel bought the property through its operating company, Melbourne-based financial planning company Cornerstone Capital, from Sydney-based private hotel operator Staywell Hospitality Group.
Fairfax media reported Monday that Cornerstone Capital is also currently undertaking an exclusive due diligence to buy the residential development-approved 333 Kent Street building in Sydney for A$90 million ($67.89 million).
Park Regis hotel is Cornerstone Capital’s second acquisition in the last few weeks.
The 122-room hotel at 27 Park Street was sold with a long 15-year management agreement to Cornerstone Capital, which acquired Park Regis because its replacement value was attractive given the low hotel stock in the Sydney central business district area.