The purchaser, Mirae Asset Global Investments, is one of the largest financial institutions in Korea. Locally, Mirae Asset's investment into the hotel will be managed by Millinium Capital Managers, a Sydney based firm.
The 531-room property overlooking the Sydney Harbour Bridge and Opera House at Circular Quay underwent a $40.6-million refurbishment program over recent years. The renovations saw the addition of a new restaurant, bar and conferencing facilities.
The property also has a holistic spa, fitness center, heated outdoor pool, business services and the Executive Club on Level 32, with views of Walsh Bay and the city.
Sydney continues to be Australia's hottest hotel investment market accounting for circa 60 percent of the total transaction volume so far in 2013, including the sale of the Ibis King Street Wharf, Diamant Sydney, Mercure Potts Point and Ritz Carlton Double Bay, with more deals expected to occur before the end of the year.