A joint venture between Singapore developer Far East Land and Housing Development Company Pte Ltd and Sino Land Company Limited, a real estate development and investment holding company listed on The Stock Exchange of Hong Kong, has entered into an agreement to acquire The Westin Sydney and its adjoining Heritage Retail podium for A$445,333,000.
Far East Land and Sino Land are members of Far East Organization and its Hong Kong-based sister company, Sino Group, respectively.
Under the agreement, the joint venture will acquire The Westin Sydney, a deluxe hotel set in the heart of Sydney’s fashion and financial district. The iconic five-star hotel features 416 luxurious rooms and extensive conference facilities. Located at the prestigious address of 1 Martin Place, the property is complemented by a large prime retail podium with its unparalleled location fronting Martin Place, George and Pitt Streets. Part of the redevelopment of Sydney’s historic General Post Office, The Westin Sydney is surrounded by the city’s most exclusive designer shopping, best restaurants, theatres and nightlife, and is close to Sydney attractions such as Darling Harbour, the Sydney Opera House and the Sydney Harbour Bridge.
The acquisition of the Sydney landmark is consistent with the hospitality business strategy of Far East Organization and Sino Group, and aligns with the group’s long-term vision to build an enduring leading real estate business in Australia. With the property’s unique position in Sydney’s tightly-held luxury hotel segment, the group is confident that The Westin Sydney will contribute to the growth of the business. The Westin Sydney continues to be managed by Starwood Hotels & Resorts under the existing management agreement. At the same time, tenants in the Heritage Retail podium will now have access to the new owners’ property management infrastructure serving the group’s Sydney- based retail and office properties.
Far East Organization has a growing portfolio of quality investment properties and development sites in prime locations across Australia, having invested A$1.4 billion in acquisitions and joint ventures since 2013. Today, Far East Organization has a significant presence in the hospitality, residential and commercial sectors in Australia.
Far East Organization and Sino Group together with their listed affiliates own and operate a significant hotel portfolio in Asia, including the prestigious Fullerton Hotel and Fullerton Bay Hotel in Singapore and the luxury hotel Conrad Hong Kong. Far East Hospitality Holdings, a joint venture between Far East Organization’s listed unit, Far East Orchard Limited, and The Straits Trading Company, has a hospitality joint venture in Australia with the Toga Group. Besides hotel ownership, TFE Hotels operates one of Australia’s largest hospitality management platforms.