Singapore-based Hoi Hup Realty has acquired Four Points by Sheraton Sydney, Central Park for A$201.8m ($144.6m).
The acquisition marks the real estate company’s entry into the Australian market.
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Four Points by Sheraton Sydney, Central Park at 88 Broadway in Chippendale opened in late 2018. Managed by Marriott International, the hotel forms part of Sydney’s Tech Central technology and innovation district.
Recent works at the property included converting a conference floor into 12 additional guest rooms.
The ground-floor food and beverage space was also refurbished and repositioned to target the area’s residential population and student community.
Currently, the property features 309 rooms including 45 suites. It also includes a fitness centre, the recently refurbished Dizzy Bird bar and restaurant, and 270m² of conference and meeting space.
Hoi Hup chairman Wong Swee Chun said: “We are delighted to complete our maiden hospitality acquisition in Australia.
“We remain highly confident in the outlook for the Sydney hotel market, supported by strong demand, limited new supply and an attractive long-term growth outlook.”
Four Points by Sheraton Sydney, Central Park is located near Central Station, which is regarded as the city’s busiest transport interchange.
Gus Moors and Andrew Langsford of JLL’s Hotels & Hospitality Group completed the transaction, in conjunction with Michael Simpson of CBRE Hotels.
JLL Hotels & Hospitality Group managing director Gus Moors said: “This transaction highlights the ongoing strength of the Sydney hotel investment market.
“Investment-grade hotel assets in Sydney remain tightly held, and opportunities to acquire properties of this calibre are rare.
“The competitive sale process reflected strong interest from both domestic and international investors.”
