A new wave of capital from Asia is making a beeline for Australia’s trophy hotel assets, driving domestic buyers out of the high-end market as competition strengthens.
CBRE’s 2015 Australian Hotel Market Update shows robust appetite for hotel property across the country is underpinning strong transaction activity, with a flurry of recent sales setting record yields and price points.
CBRE Hotels Senior Director Wayne Bunz said an injection of southbound capital into the market in 2014 was responsible for the sale of several renowned hotel assets including the Park Hyatt Melbourne to Fu Wah International, Lonsdale Melbourne and Hotel 1888 Sydney to the Hong Kong-based Ovolo Group.
This month, Rydges Darwin Airport Resort & Hotel was purchased by a Singaporean-based private equity group after an extensive six-week international marketing campaign, led by the CBRE Hotels’ Australian and Singapore teams. The asset sold for $84 million.
Post copied from: See more at: http://ehotelier.com/2015/03/04/new-wave-of-asian-capital-checks-in-to-australian-hotel-market/#sthash.y6SIlxol.dpuf
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