The Sofitel Wentworth in the sights of Royal Group Holdings

Singapore-based Royal Group Holdings is eyeing off acquiring The Sofitel Wentworth in Sydney, in what would be the largest hotel deal of the year.

Having previously owned the Ritz Carlton Double Bay, Royal Group chairman Asok Kumar Hiranandani is looking to buy the 436-room Sofitel Wentworth for more than $300 million.

The Sofitel Sydney Wentworth was bought by Frasers Centrepoint in 2014 for $202.7 million from US group LaSalle Investment Management, which later shifted into Singapore-listed Frasers Hospitality Trust.

The historic Sydney CBD hotel was touted as being worth more than $400 million at one stage but is now in an increasingly competitive market with more than $1 billion worth of hotels expected to change hands.

Sheridan Randall, 9^th July 2019