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Article: Challenger checks in for tilt at Park Hyatt sell-off.
- Article from:
- Australasian Business Intelligence
- Article date:
- March 12, 2003
CopyrightCOPYRIGHT 2003 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mar 12, 2003 (The Australian - ABIX via COMTEX)
Sydney's Park Hyatt hotel may be bought by investment company Challenger International for around $A140m. It is being sold by Maritz Wolf, which bought the underlying debt for $A100m in 2001. The hotel is one of Australia's best performers, with an average $A500 a night room rate, $A200 more than most Sydney hotels. Bids for the hotel closed in October 2002, and Challenger is rumoured to be conducting due diligence. The agent for the hotel, Jones Lang LaSalle Hotels, has declined to comment. A management contract with Hyatt of Australia will run until 2008. The Park Hyatt Melbourne is also understood to be on the ...