
Hong Kong's Shangri-La Asia group has payed $352 million for the Sydney Shangri-La Hotel, Property Observer reports.
The transaction, which is due to be completed by July 31 consists, of $330 million for the hotel and $22.4 million for for its net current assets. The price paid for the Shangri-La Sydney is well above the $249 million paid for the Sydney Harbour Marriott Hotel at Circular Quay earlier this month. The sale price equates to $626,000 per room.