YTL Group Buys Country’s Largest Ever Hotel Property Portfolio: $415 Million For Marriott Sydney, Melbourne and Brisbane

MALAYSIA’s YTL Corp has paid a reported $415 million for a portfolio of three major hotels on the eastern seaboard.

The three hotels – the Sydney Harbour Marriott at 30 Pitt StreetCircular Quay, the Melbourne Marriott at the corner of Exhibition and Lonsdale streets and the Brisbane Marriott at 515 Queen Street – represent what is believed to be the country’s largest ever hotel property portfolio measured by value.

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Great Eagle Group Pays $40 Million For Observatory Hotel, Sydney

GREAT Eagle Group, the listed Hong Kong property company has paid about $40 million for the Observatory Hotel in Sydney (pictured, right).

The purchase will add to the group’s 13-strong portfolio of international hotels it currently manages under the Langham and Langham Place brands.

Already operating in Melbourne, and Asia, Europe and the United States, the purchase of the 96-room Georgian style grand 19th Century home allows the group to offer a Langham brand in Sydney.

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Iconic Annandale Hotel to be Sold

THE owners of Sydney’s Annandale Hotel will list the property for sale, in the hope of finding somebody who’ll retain the pub for live music.

The vendors, Matt and Dan Rule, will sell the hotel with a permit allowing it to be redeveloped into a hospitality and entertainment hub.

In recent times Sydney music fans have lost the Hopetoun Hotel and Club Raval, which is to become a microbrewery.

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Toga Group Buys Kings Cross Hotel for $16.75 Million

THE Mansions hotel, in Sydney’s inner-city Kings Cross, has sold to developer Toga Group for $16.75 million.

The property, which currently trades as a pub, is expected to be converted into an apartment complex. Toga purchased the site on terms subject to this redevelopment being approved. The Mansions soars five levels. It was one of the last controlled by the Landmark Leisure Group which went into receivership in 2009.

Other sites owned by LLG included the Vegas Hotel, which like The Mansions is also in Kings Cross. Other assets include Darlingsford’s Oxford Hotel and the peakhurst Inn.

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Hospitality Investors Understood to be Paying $26 Million For Fairmont Resort, Blue Mountains

MILLIONAIRE businessman Jerry Schwartz is understood to be in negotiations to buy the Fairmont Resort at the Blue Mountains for about $26 million.

The 210-room York Fairmont Resort at Leura is being sold by Deloitte partners, as receivers and managers of Brighten Pty Ltd, the former operator.

Mr Schwartz is a cosmetic surgeon and property owner.

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