Grand Hyatt Seoul Acquired by Blue Cove Asset Management for KRW1 Trillion

South Korea-based Seoul Mirama Co.,Ltd. (“SMC”) has recently signed a memorandum of understanding for the sale of Grand Hyatt Seoul (“GHS”) with South Korea-based BlueCove Investment. Located minutes away from Itaewon Station and Hangangjin Station, the 615-key property features 53 suites, eleven food and beverage outlets, a business centre, a recreation centre with three tennis courts, two squash courts, a fitness centre, a sauna, a spa, and an outdoor and indoor swimming pool. The sale amount is reported to be more than KRW1 trillion. Meanwhile, SMC has sold the parking lot site of the GHS for KRW200 billion in 2021. 

Crystalbrook has Acquired Rydges Sydney Harbour Hotel for AUD100 Million

Sydney businessman Chandru Tolani has recently sold the Rydges Sydney Harbour at The Rocks (“RSH”) to the Crystalbrook Collection Hotels and Resorts (“Crystalbrook”), a subsidiary of UAE-based Ghassan Aboud Group for AUD100 million. Located minutes away from the Sydney Harbour, the 176-key property occupies a 1,825 square metres site, and sits on a long-term ground lease to Australia-based Place Management NSW. The property features a rooftop pool with panoramic views of the Sydney Harbour Bridge and the Sydney Opera House, and two food and beverage outlets. RSH is the eighth hotel acquired by the Crystalbrook. The property will continue to be operated by Australia-based Event Hotels and Resorts under the Rydges brand, until Crystalbrook consolidates its vision to reinvent the hotel.

R&F Properties has sold Wanda Realm Beijing for RMB550 Million

China-based Guangzhou R&F Properties Co., Ltd. (“R&F”) has sold Wanda Realm Beijing to China-based Beijing Yingxie Property Investment Co., Ltd. for RMB550 million. Situated next to the Beijing Shi Jing Shan Wanda Mall, the 308-key property features three food and beverage outlets, meeting spaces that span over 3,760 square metres, an executive lounge, a fitness centre, a swimming pool, and a parking lot. The total gross floor area of the property is 43,460.12 square metres. This disposal will help R&F to optimise its resources allocation, focus on the development of its core business, increase capital reserves and lower debt ratio. 

Mantra Quayside Port Macquarie sold for Approximately AUD10 Million

The freehold and management right of the Mantra Quayside Port Macquarie was sold for approximately AUD10 million. Situated at the heart of Port Macquarie, the 42-key property features a fitness centre, a rooftop heated pool, a sauna, a launderette, and a parking lot. The property boasts both waterfront and the central business district views, with all of the studios, one- and two-bedroom apartments featuring a private balcony. The sell price indicates a per key value of approximately AUD238,000, a big sale in Port Macquarie with record per key rates. The property has generated income of AUD1.2 million in 2021 during the pandemic from its 21 units and the business.

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