Malaysian-listed company TA Enterprise Bhd has bought the Westin Melbourne Hotel for $160 million from a group of industry funds.
CBRE Hotels arranged the transaction on behalf of a group of industry superannuation funds, including Cbus.
The sale was tendered to a number of prospective buyers, including investment groups from the Middle East, Asia and United States.
"The value proposition of the Australian dollar and the perception of our market as a well-regulated investment safe haven helped underpin interest in the sale," CBRE Hotels director George Nicholas said.
"The strength of the interest allowed us to secure the deal within 12 weeks of the property being officially listed for sale."
TA Enterprise also owns the five-star Radisson Plaza Hotel in Sydney.
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