Chinese investment house Bright Ruby has finalised its largest Australian property acquisition with the purchase of the opulent Hilton Hotel Sydney for $442 million. The deal, first revealed by The Australian in March, is the largest hotel sale of the year, falling just shy of the record $463m Chinese insurer Sunshine Insurance Group paid for Sydney's Sheraton on the Park hotel last year.
The deal was unveiled during the company's first quarter results by Hilton Worldwide chief executive Christopher Nassetta, who said the group was capitalising on favourable market conditions to sell the asset at attractive pricing in a tax-efficient manner. "The $442m sale price represents (an) approximately 15 times adjusted earnings before interest, taxes, depreciation and amortisation multiple and is subject to a 50 year management agreement, "he said. Hilton recently completed the $US1.95 billiong ($2.47bn) sale of its flagship hotel, the Waldorf Astoria New York, to China's Anbang Insurance Group, as it pares back debt.
Source: The Australian