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Sale of Hilton Sydney reportedly imminent

Chinese investment group Bright Ruby has won preferred buyer status and, according to multiple sources, is set to purchase the Hilton Hotel Sydney for more than A$450 million (US$351 million or US$600,000 per key). While still not confirmed, the price could set a record for an Australian hotel, topping Chinese insurer Sunshine Insurance Group A$463 million (US$361 million) buy of Sydney’s Sheraton on the Park in 2014.

Not a stranger to investing around its Chinese boarders, in 2013, Bright Ruby, led by the founding Du family from Shandong, spent S$1.1 billion (US$858 million) for the Grand Park Orchard Hotel in Singapore.

The Hilton transaction could open a path for the Government of Singapore Investment Corp. to sell the 414-room Westin Sydney for a price expected to approach A$500 million (US$390 million).

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