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Four Points By Sheraton Sydney sold.
Tuesday, 10th November 2009
Source : HVS International

The GPT Group has entered into an exchange of contracts for the sale of Four Points by Sheraton, Darling Harbour, Sydney, with an offshore investor.

The sale price for the 630-room hotel is reported to be approximately US$167 million at a yield of 8.8% and the transaction is expected to be completed by the end of 2009.

GPT has announced that the sale of its hotel assets has allowed the group to remain focussed on its core business of retail, office and business park/industrial real estate.

The sales of GPT's remaining hotel assets, Brampton Island Resort and Ayers Rock Resort, are also currently underway.

www.hvs.com

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