Great Eagle Group Pays $40 Million For Observatory Hotel, Sydney
The hotel was sold by London’s listed Orient Express Hotels which in 1999 paid $60 million for the Observatory and another hotel (Lillianfels Blue Mountains Resort & Spa) from Japan’s Nara Corporation which has now exited the Australian market.
In 2009, Melbourne based investor George Saade purchased the Blue Mountains resort for $21 million, according to the AFR which reported the Observatory sale.
