Chinese conglomerate Nanshan Group has acquired the Pullman Sydney Airport Hotel for approximately AUD$84 million.
The 229-room Pullman Sydney Airport Hotel was built at a cost of approximately AUD$69 million and is slated to be opened in 2016. Shandong-based Nanshan Group has acquired the hotel from the Goodman Group.
The Pullman Sydney Airport Hotel is part of a development on O'Riordan Street in Mascot district by the Goodman Group. The hotel is set to be completed in the fourth quarter of 2016. The new hotel will be operated by Accor Australia according to its management agreement. The hotel is equipped with a restaurant, a bar and a gym.
The real estate agent for the transaction, Peter Harper of Jones Lang LaSalle Hotels, and the Goodman Group have declined comment on the deal so far.
Zuowen Song is a founder of the Nanshan Group. He is ranked by Forbes as China's 76th richest person with net worth of RMB2.8 billion.
Nanshan Group was established at the early stages of the commencement of China's economic reform and has grown to become a top ranking Fortune 500 privately held Chinese firm. Its business interests span industrial, financial, aviation, property, education and tourism sectors.
Nanshan Group has set up branches in Australia, the USA, Italy, Singapore and Hong Kong to meet development demand. Its Australian properties include the Riverside Oaks golf club in southern Sydney.(Translation by David)