Hilton Sydney Sold for around A$530 million
It has been reported that Hong Kong based global private equity firm – Baring Private Equity Asia has entered into an agreement to purchase the 587 room Hilton Sydney from Bright Ruby for around A$530 million. JLL Hotels and Hospitality Group acted for the seller.
The strong pricing, which represents over $900,000 per room demonstrates investors’ desire for flagship hotels located in Sydney.
The vendors – Singapore based Bright Ruby originally bought the hotel for $442 million in 2015 and reportedly spent approximately $25 million refurbishing the hotel in 2021.
As well as 587 rooms, the hotel, which is located at 488 George Street includes significant conference and meeting space over four floors and several noteworthy food and beverage venues including Luke Mangan’s Glass brasserie and the Marble Bar.