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Shangri-La Sydney snapped up by Kuok family
Sydney’s Shangri-La Hotel has been bought by
Hong Kong-listed Shangri-La Asia for $352 million.
Shangri-La Asia, owned by the billionaire Kuok family, has managed the hotel for the Government Investment Corporation of Singapore since 2003.
The acquisition of the leasehold property in Sydney’s Rocks area follows the sale earlier this month of a portfolio of three five-star Marriott hotels – the Sydney Harbour Marriott, the Brisbane Marriott and the Melbourne Marriott – to a Malaysia-listed real estate investment trust.
Asian buyers have accounted for 93% of all hotel sales in Australia this year.
The Kuok family, whose investments now span Asia and Australia, have close associations with the Shangri-La brand.
In 1971, Robert Kuok built the first Shangri-La Hotel, in Singapore, and followed, in 1977, with the Kowloon Shangri-La in Hong Kong.
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