Hilton selling hotel in Sydney for $349M

Posted on November 20, 2014

HILTON Worldwide Holdings, Inc., the hotel operator controlled by Blackstone Group LP, is seeking at least A$400 million (US$349 million) from the sale of a Sydney hotel, people with knowledge of the matter said.

HOTEL chain Hilton Worldwide Holdings, Inc. is selling its Sydney hotel for $349 million. -- WWW.HILTONSYDNEY.COM
The hotel chain appointed Jones Lang LaSalle, Inc. to find a buyer for the Hilton Sydney Hotel, said the people, who asked not to be named as the process is private. It plans to complete the sale as early as in mid-2015, one of the people said.

Hilton, the world’s largest publicly traded hotel operator, and competitors such as InterContinental Hotels Group Plc have been reducing property holdings. In October, Hilton announced the sale of its landmark Waldorf Astoria hotel in Manhattan to China’s Anbang Insurance Group Co. for $1.95 billion, the most expensive US hotel transaction ever, according to research firm Lodging Econometrics.

The five-star Sydney hotel is located on George Street in the city’s central business district and has 579 rooms, according to its Web site. Hilton plans to keep managing the hotel after the sale of the property, the people said.

“It is business as usual at Hilton Sydney,” Katrina Jones, a London-based spokeswoman for Hilton Worldwide, said in an e-mailed response to questions. She declined to comment on the property sale. Madeleine Little, a spokeswoman for Jones Lang LaSalle, declined to comment.

InterContinental is seeking at least $1 billion from the sale of its hotel in Hong Kong’s Tsim Sha Tsui shopping district, people with knowledge of the matter said this month. -- Bloomberg