The Westin Sydney hotel has been sold to a joint venture between Singaporean developer Far East Land and the Hong Kong-listed Sino Land Company for A$445.3 million. The deal was announced in a statement on their respective sites. GIC purchased the property for A$160m in 2002.
Under the agreement, the joint venture will acquire The Westin Sydney, a deluxe hotel set in the heart of Sydney's fashion and financial district. The iconic five-star hotel features 416 luxurious rooms and extensive conference facilities. Located at the prestigious address of 1 Martin Place, the property is complemented by a large prime retail podium with its unparalleled location fronting Martin Place, George and Pitt Streets.
The acquisition of the Sydney landmark is consistent with the hospitality business strategy of Far East Organization and Sino Group, and aligns with the group’s long-term vision to build an enduring leading real estate business in Australia. With the property’s unique position in Sydney’s tightly-held luxury hotel segment, the group is confident that The Westin Sydney will contribute to the growth of the business.
Far East Organization has a growing portfolio of quality investment properties and development sites in prime locations across Australia, having invested A$1.4 billion in acquisitions and joint ventures since 2013. Today, Far East Organization has a significant presence in the hospitality, residential and commercial sectors in Australia.
Far East Organization and Sino Group together with their listed affiliates own and operate a significant hotel portfolio in Asia, including the prestigious Fullerton Hotel and Fullerton Bay Hotel in Singapore and the luxury hotel Conrad Hong Kong. Far East Hospitality Holdings, a joint venture between Far East Organization’s listed unit, Far East Orchard Limited, and The Straits Trading Company, has a hospitality joint venture in Australia with the
