Frasers Centrepoint unit buys Sydney hotel for $237.2m

A unit of property developer Frasers Centrepoint has agreed to buy a hotel in Sydney, Australia in a deal worth A$202.7 million (S$237.2 million).

Frasers Hospitality Investments Melbourne will buy LaSalle 61 Phillip Sub Trust, which owns the Sofitel Sydney Wentworth hotel, as well as Ananke Holdings, the hotel's master lessee.

The price was based on a valuation of A$202 million for the hotel and A$1.7 million for the two entities.