A joint venture between Singapore developer Far East Land and Housing Development Company Pte Ltd and Sino Land Company Limited, a real estate development and investment holding company listed on The Stock Exchange of Hong Kong, has entered into an agreement to acquire The Westin Sydney and its adjoining Heritage Retail podium for AUD$445 million.
Far East Land and Sino Land are members of Far East Organization and its Hong Kong-based sister company, Sino Group, respectively.
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 five-star hotel features 416 rooms and extensive conference facilities and 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” Far East Land and Sino Land said in a statement.
“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 Land and Sino Land said
The Westin Sydney continues to be managed by Starwood Hotels & Resorts under the existing management agreement.
Far East Organization has a growing portfolio of quality investment properties and development sites in prime locations across Australia, having invested AUD$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 Toga Group. Besides hotel ownership, TFE Hotels operates one of Australia’s largest hospitality management platforms.