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Trophy Sydney hotel sold to major Korean investor in milestone transaction

Four Seasons Hotel Sydney, has been sold for AUD340 million to Korean investors, Mirae Asset Global Investments

SYDNEY, 22 August 2013 – One of Sydney’s trophy five-star hotels, the Four Seasons Hotel Sydney, has been sold for AUD340 million (approximately USD306.8 million) to Korean investors, Mirae Asset Global Investments. The hotel was jointly marketed by Jones Lang LaSalle’s Hotels & Hospitality Group and McVay Real Estate on behalf of Eureka Funds Management.

Glen Boultwood, Fund Manager of Eureka Funds Management commented, “We are delighted with the sale of the hotel which was in response to Unitholders’ desire to crystallise the strong profit growth over the past four years in a period where returns from other property asset classes has been somewhat muted.”

Eureka remains committed to the hotel sector and continues to own seven hotels across Australian and New Zealand.

The purchaser, Mirae Asset Global Investments, is one of the largest financial institutions in Korea, Locally, Mirae Asset’s investment into the hotel will be managed by Millinium Capital Managers, a Sydney based firm. David Grey, Managing Director of Millinium Capital Managers said, “This is an exciting investment by one of Korea’s largest financial institutions and we believe it will not be the last. We are looking forward to continuing the success of the Four Seasons Hotel Sydney.” Mirae Asset Global Investments manages USD58 billion in assets globally and has invested in commercial real estate properties in Brazil, China, India and the United States.

Craig Collins, CEO of Jones Lang LaSalle’s Hotels & Hospitality Group, Australia said, “The sale of the Four Seasons Hotel Sydney is a milestone transaction for the industry as it represents the debut hotel acquisition of a major five-star Australian hotel by a Korean-based entity.”

The world renowned 531-room property overlooking the Sydney Harbour Bridge and Opera House at Circular Quay underwent an extensive AUD45 million (approximately USD40.6 million) dollar refurbishment program over recent years, including the addition of a new restaurant, bar and substantial state-of-the-art conferencing facilities.

Mr Boultwood remarked “The repositioning of the Four Seasons Hotel Sydney is a great case study on how, through collaboration between hotel owner and operator, great change can be implemented at a hotel to maximise returns for both parties.”

Mr Collins added, “The sale of the Four Seasons Hotel Sydney saw investors from China, Hong Kong, Singapore, Korea and the United States competing for the iconic hotel. In my 19 years of brokering hotel deals, I have never seen a stronger investment market for CBD Australian hotels.”

“Offshore groups are particularly drawn to prime five-star hotel assets located in Australia’s major markets. Our resilient economy, benign new accommodation supply pipeline and positive trading fundamentals have influenced a strong medium term market outlook and continue to attract international investment,” said Mr McVay.

Sydney continues to be Australia’s hottest hotel investment market accounting for circa 60 percent of the total transaction volume so far in 2013 including the sale of the Ibis King Street Wharf, Diamant Sydney, Mercure Potts Point and Ritz Carlton Double Bay, with more deals expected to occur before the end of the year.

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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. . Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management.
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 26, 100 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. 


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