Chinese property firm Fu Wah International Group has completed the acquisition of Park Hyatt hotel in Melbourne, Australia, in the company’s first significant foray into the Australian property market, according to an announcement posted on Fu Wah’s website.
Terms of the deal were not disclosed, but the transaction is reported to be worth A$135 million (US$119.78 million).
In an off-market transaction, Fu Wah acquired the property from Singapore’s sovereign wealth fund GIC. The sale involves both the 240 room Park Hyatt hotel and an adjoining commercial car park.
Developed in 1999 by Lustig & Moar at a cost of US$150 million, the five-star Park Hyatt is regarded as one of Melbourne’s landmark hotels.
The purchase continues a wave of recent Chinese investment into the Australian property market, with much of the recent activity having centered on investment and development opportunities in Melbourne.
Established in 1988 in Hong Kong, Fu Wah is engaged in real estate development, hospitality and art & culture services.
The group’s existing property portfolio includes the Regent Beijing hotel, the Park Plaza Wangfujing hotel, the Sandalwood Beijing Marriott Executive Apartments, Lee Garden Service Apartments as well as China Red Sandalwood Museum and the Chang An club in Beijing.