Eight years after it acquired Australia’s Blue Sydney hotel, India’s largest hospitality chain, Taj, is selling the 100-room property to Hong Kong’s Ovolo Group for A$32 million.
The deal marks Taj’s exit from Australia.
Taj bought Blue Sydney (earlier known as W Sydney) in 2006 for A$36 million.
Taj, in a statement, said the sale was in line with its new strategy that focuses on other key Asia-Pacific markets, including China, and to cut debt.
Owned by Surya and Girish Jhunjhnuwala, the Ovolo Group operates hotels and serviced apartments.
Australia is the fifth largest source market for Taj Hotels Resorts & Palaces, and outbound Australian business in particular remains a high priority for the group, the company said.
