This article is from the Australian Property Journal archive
TUAN Sing Holdings has sold the Hyatt Hotel Canberra, the first major hotel asset in the Grand Hotel Group portfolio, to an Thailand investor for $80 million.
Thailand based TCC Land paid a $9.7 million premium for the asset, which was last valued at $70.3 million.
Tuan Sing said the sale was reached on a “willing-buyer and willing-seller basis”.
The deal was brokered by Jones Lang LaSalle Hotels’ executive vice president investment sales Mark Durran and Asia Pacific CEO David Gibson.
Situated amid three hectares of landscaped gardens overlooking Lake Burley Griffin, the Hyatt Hotel Canberra features 249 spacious guest rooms, two main food and beverage outlets, two ballrooms and four meeting rooms, a flood-lit tennis court, indoor heated pool and parking for approximately 348 cars.
Tuan Sing said the bulk of the proceeds from the transaction will be used to reduce its bank loans and lowering gearing.
Australian Property Journal
