Singapore developer TEE Land has finalised its acquisition of the four-star Diamant Hotel in Potts Point, Sydney. TEE Land that set up a joint-venture company in December called Potts Point Hospitality with two partners: Peter & Jan Clark and Kenmooreland to purchase the 76-room Diamant from a consortium that included Paul Fischmann’s 8Hotels group.
Warren Duncan, of L J Hooker Commercial managed the $23.2 million sale.
Clark and Kenmooreland are also Tee’s JV partners in another of its Sydney hotels, Quality Hotel CKS Sydney Airport.
In the latest Australian Hotels Insight by Savills Research, hotel transactions in the 12 months to December 2014 totalled $2.55 billion, up 28 per cent on the previous year, resulting in the highest level of activity in over a decade. During the same period 58 properties were sold.