Developments

Sydney airport hotel sold

The Airport Sydney International Inn has been sold to Singapore and Australian joint venture TEE Hospitality by the Malaysia-based Mah family for $24 million.

The 120-room, three-star hotel was bought through JPJ Properties, which is 90 per cent held by TEE Hospitality and 10 per cent by the Clark family, owners of the Lancemore Group by selling agent, Jones Lang LaSalle.

TEE Hospitality’s statement to the Singapore stock exchange says, “The acquisition is part of the group’s strategy to build up a portfolio of recurring income-generating assets in developed markets such as Australia and New Zealand that provide short to mid-term accommodation to end users. In addition, the hotel is located in a high-density residential zone and possesses future redevelopment opportunity.”

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