LaSalle fund sells iconic hotel in Sydney CBD
16 June 2014 - LaSalle Investment Management, a leading global real estate investment manager, is pleased to announce that on behalf of LaSalle Asia Opportunity Fund III, a LaSalle-sponsored fund, it has agreed to sell its 100% shareholding interest in Sofitel Wentworth Sydney to Frasers Centrepoint.
Located in the financial heart of the city’s CBD, Sofitel Wentworth is Sydney’s ‘grande dame’ hotel, offering 436 five-star guest rooms and 45 luxury suites. It is surrounded by Sydney’s premium office buildings and is well positioned to capture surrounding corporate clients, both for accommodation and meetings needs.Marc Montanus, Fund Manager & International Director at LaSalle, commented, “The divestment of Sofitel Wentworth comes at a time when hotels in Sydney boast some of the most attractive market fundamentals in the region, thanks to increasing inbound tourism and ongoing corporate demand.” “LaSalle saw an opportunity to acquire an iconic CBD asset at an attractive income yield and was able to substantially improve its performance through a range of revenue initiatives, expense management, and selective upgrades and refurbishment of the hotel. This active approach, coupled with the strong recovery we’re experiencing in the capital markets, has enabled our fund to exceed its investment objective.”LaSalle is one of the world’s leading real estate investment firms with over 30 years of experience investing in private and public real estate through a complete range of investment vehicles. In Asia Pacific, it has US$4.8 billion of assets under management and operates seven offices in the region.