LASALLE Investment Management has completed the sale of Sofitel Wentworth Sydney to Frasers Centrepoint.
The LaSalle Asia Opportunity Fund III sold the 436-room hotel last month for $202.7 million.
LaSalle bought the hotel in 2010 for $130 million from Tourism Asset Holdings Limited, which had paid $150 million in April 2006 from City Freeholds.
LaSalle’s fund manager Marc Montanus said the divestment comes at a time when hotels in Sydney boast some of the most attractive market fundamentals in the region, thanks to increasing inbound tourism and ongoing corporate demand.
“LaSalle saw an opportunity to acquire an iconic CBD asset at an attractive income yield and was able to substantially improve its performance through a range of revenue initiatives, expense management, and selective upgrades and refurbishment of the hotel.
“This active approach, coupled with the strong recovery we’re experiencing in the capital markets, has enabled our fund to exceed its investment objective,” Montanus concluded.
Property Review
