Chinese firm snaps up Sydney's Park Regis Hotel for $34.7m

SYDNEY - A Chinese private capital group had just snapped up Sydney's Park Regis Hotel for A$46 million ($34.70 million), local media reported on Monday.

The new owner of the hotel had bought the property through its operating company, Melbourne-based financial planning company Cornerstone Capital, from Sydney-based private hotel Staywell Hospitality Group.

Fairfax media reported Monday that Cornerstone Capital is currently undertaking an exclusive due diligence to buy the residential development-approved 333 Kent Street building in Sydney for A$90 million ($67.89 million).

Park Regis hotel is Cornerstone Capital's second acquisition in the last few weeks.

The 122-room hotel at 27 Park Street was sold with a long 15-year management agreement to Cornerstone Capital, which acquired Park Regis because its replacement value was attractive given the low hotel stock in the Sydney central business district area.