TEE Land to buy Sydney hotel via joint venture

SINGAPORE - Singapore-listed property developer TEE Land has entered into a joint venture with Peter & Jan Clark (Levey Street) and Kenmooreland to establish a company that will acquire Diamant Hotel in Sydney.

The company, called Potts Point Hospitality, will be 55 per cent held by TEE Hospitality, TEE Land announced on Friday.

This marks another partnership between TEE Land with Peter & Jan Clark and Kenmooreland. The trio are also joint venture partners in Quality Hotel CKS Sydney Airport.

The price of Diamant Hotel, which is a four-star, 76-room asset located around 1.6 km away from Sydney's central business district, is A$23.2 million (S$29.4 million).

The acquisition is part of TEE Land's strategy to build up its portfolio in developed markets such as Australia and New Zealand, the firm said.

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