GIC Private to sell the Westin Sydney

Singapore's GIC Private is selling the Westin Sydney on Martin Place, with hopes international interest could push the value of the hotel past $400 million.

JLL Hotels is handling the sale. GIC, a sovereign wealth fund formerly known as the Government of Singapore Investment Corporation, purchased the famed Sydney hotel in 2002 for $160 million as it looked to build up its Australian property portfolio.

The Westin Sydney has 414 rooms, a ballroom that can accommodate 1200 guests, meeting and conference rooms and a full service business center. It is part of the redevelopment of Sydney’s historic General Post Office on Martin Place.

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Sources estimate that the price for the Westin could be in the range of the $850,000 per room paid for the Sheraton on the Park on Elizabeth Street, overlooking Hyde Park.

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