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.

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.