Sydney Hilton acquired by China's Bright Ruby

Chinese investment group Bright Ruby has finalized its ­largest ­Australian property acquisition with the purchase of the  Hilton Hotel Sydney for $442 million, reports The Australian. The deal was first revealed in March, and is the largest hotel sale of the year, just shy of the record $463 million Chinese insurer Sunshine Insurance Group paid for Sydney’s Sheraton on the Park hotel last year.

The deal was unveiled during Hilton's Q1 results by Hilton CEO Christopher Nassetta, who said "the group was capitalizing on favorable market conditions to sell the asset at attractive pricing in a tax-efficient manner."

As The Australian points out, for Bright Ruby, the purchase of the hotel will "augment its blue-chip portfolio of international hotels and office towers." Moves by the investment house include its 2013 purchase of the Grand Park Orchard Hotel in Singapore.

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JLL Hotels brokered the off-market Hilton deal.

Bright Ruby’s purchase comes as Chinese investors reportedly are looking over Sydney’s Westin Hotel as the next acquisition target. It is expected to sell for more than $400 million.

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However, investors are heading into the new year with caution because performance is expected to dip, according to a JLL report.

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.