A new owner for Marriott Hotels in Australia will be named early next month. The Colonial First State-managed Commonwealth Property Hotel Fund is selling its Marriott portfolio for a price believed to be around $400 million.
Marriott has four CBD hotels in Sydney, Melbourne and Brisbane plus the Courtyard Marriott in North Ryde and the Surfers Paradise Marriott Resort & Spa.
Speculation is that Malaysian conglomerate YTL Corporation Berhad is the frontrunner among several short listed buyers. If YTL is successful the Marriott hotels will join YTL Hotels that will open its highly anticipated development, Gaya Island Resort, Borneo on July 1. YTL already has a Marriott connection owning the J W Marriott in Kuala Lumpur.
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