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Frasers Hospitality Trust Sold Sofitel Sydney Wentworth for AUD315 Million

Tuesday, November 9, 2021, 11:15 Hrs  [IST]
HBI Staff | Hyderabad

Singapore-based Frasers Hospitality Trust (“FHT”) has announced the sale of the amalgamated freehold interest Sofitel Sydney Wentworth to joint venture partners, Australia-based Futuro Capital Pty Ltd, Australia-based Marprop Real Estate Investors, and US-based Kohlberg Kravis Roberts & Co. L.P. (“KKR”) for approximately AUD315 million, and the freehold reversionary interest of the property to an indirect wholly-owned subsidiary of Frasers Property Limited, the sponsor of FHT, at AUD10.55 million. The 436-key hotel was sold at a 34% premium to FHT’s original purchase price and 12% premium to the independent valuation conducted. Located at the central business district of Sydney, next to the Royal Botanic Garden Sydney and Museum of Sydney, the 17-storey property covers a total gross floor area of 33,589 square metres. The iconic heritage-listed hotel features three restaurants and bars, eight meeting rooms, a business centre and library, a club lounge and an outdoor garden terrace. This is KKR’s first major hotel acquisition in Australia, which also represents the largest single hotel asset deal in Sydney since 2017.

 
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