After concluding a US$442 million purchase of Hilton International’s Hilton Sydney, Bright Ruby is also looking to buy The Westin Sydney for US$400 million.
Australia has become a hot investment target for Chinese companies in the last two years. Chinese investment accounted for 60% of total investment in Australia’s large hotel transactions, according to Colliers International’s latest Hotel Report.
Bright Ruby is competing with Sunshine Insurance Group and major property developer Fu Wah International Group in its bid for The Westin Sydney.
Far Eastern Consortium chairman David Chui is also in closed door negotiations over the purchase of Pullman Cairns International.
Wanda Hotel Development Company formed a JV Wanda One Sydney Pty Ltd with parent company Wanda Commercial Properties (HK) in January this year to acquire the plots at 1 Alfred and 19-31 Pitt Street for AUD$488 million.
Sunshine Insurance Group acquired Sydney Sheraton on the Park for AUS$463 million last November.
The positive outlook for Australia’s tourism industry makes Australian investments highly attractive to Chinese companies. Analysts also say the upcoming signing of the Sino-Australian free trade agreement is also fueling Chinese investors’ interest in Australia.(Translation by David)
