A privately-owned Hong Kong real estate developer added to the flood of Chinese money into Australia this week by picking up the Melbourne Park Hyatt Hotel for a reported A$135 million (US$119.78 million).
The five star hotel is located near Melbourne’s Parliament House at 1 St Andrews Place and was developed in 1999 by Lustig & Moar at a cost of $150 million. The sale involves both the 240 room Park Hyatt hotel and an adjoining commercial car park.
Fu Wah has a portfolio of real estate assets across China including the Regent Beijing hotel, the Park Plaza Wangfujing hotel and the Sandalwood Beijing Marriott Executive Apartment. According to the company’s website, it currently has 1,500,000 square meters in Beijing property either completed or underway, and owns real estate in Tianjin, Anhui, Hainan, Guangdong and Liaoning.
During the last year Chinese investors have picked up a number of development sites and existing assets in Australia, with Shanghai-based Greenland Group buying a project last March in Sydney for US$498 million, and in October acquiring a site in Melbourne for a US$1 billion development.