Chinese firm snaps up Sydney's Park Regis Hotel for 34.70 million U.S. dollars

A Chinese private capital group had just snapped up Sydney's Park Regis Hotel for 46 million Australian dollars (34.70 million U.S. dollars), local media reported on Monday.

The new owner of the hotel had bought the property through its operating company, Melbourne-based financial planning company Cornerstone Capital, from Sydney-based private hotel Staywell Hospitality Group.

Fairfax media reported Monday that Cornerstone Capital is currently undertaking an exclusive due diligence to buy the residential development-approved 333 Kent Street building in Sydney for 90 million Australian dollars (67.89 million U.S. dollars).

Park Regis hotel is Cornerstone Capital's second acquisition in the last few weeks.

The 122-room hotel at 27 Park Street was sold with a long 15-year management agreement to Cornerstone Capital, which acquired Park Regis because its replacement value was attractive given the low hotel stock in the Sydney central business district area. Enditem