The Chinese private equity firm Shanghai United Real Estate acquires the property InterContinental Sydney Double Bay for €95 million. It was owned by Singapore's Royal Group.
Peter Wilding, Managing Director at the Royal Group, stated: "The sale of this asset followed our strategy of recycling capital following the initial stabilization period." This is the fifth property taken over by the Chinese consortium in less than two years in Sydney, the most populous city in Australia.
On January 1, 2016, InterContinental Hotel Group (IHG) ranked 3rd hotel group worldwide, operating 5,032 properties with 744,368 rooms, according to data published by Hospitality ON.
- Keith Barr replaces Richard Solomons as CEO of IHG
- IHG to develop Crowne Plaza in Kuala Lumpur
- IHG reaches milestone in Germany with 100 hotels
- IHG strengthens its presence in Latin America and the Caribbean
Already signed up? Already signed up? Already signed up? Already registered? Login here!