- Wednesday, 20 June 2012 13:11
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Sydney Harbour Marriott, Melbourne Marriott and Brisbane Marriott have been sold by Colonial to Malaysia-based Starhill REIT for $415 million.
The hotels will continue to be operated as Marriott hotels.
Managing director Francis Yeoh Sock Ping, said the acquisition was a strategic one for his company.
"It will also allow Starhill REIT to participate in the vibrant real estate market in Australia and explore further geographical diversification of the trust's asset base," Dr Yeoh said.