Mirae Asset Global Investments Aquires Four Seasons Hotel Sydney for $306.8M
SYDNEY - August 26, 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.
Glen Boultwood, Fund Manager of Eureka Funds Management commented, "We are delighted with the sale of the hotel which was in response to Unit-holders' desire to crystallize 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.
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."
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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