Asian buyers like Oz hotels20 June 2012
Asian hotel groups have been actively buying up assets in Australia as local players exit the sector.
A wave of tourism from Asia, particularly strong growth in visitor numbers form China, is driving renewed interest in the Australian sector from Asian investors.
A trust run by Malaysia’s YTL Corp bought three Marriott hotels in Australia this week for $A415 million – a record for a hotel property deal in Australia. The trust purchased Marriotts in Sydney, Brisbane and Melbourne.
A local analyst said buyers from Asia accounted for 93 percent of hotel purchases in the first six months of 2012 and were expected to buy more properties soon.