Developments

Huayu Group wants more Australian hotels

A Chinese conglomerate is planning to acquire more hotels in Australia after signing up to buy the five-star Sofitel hotel at Broadbeach.

Blue Ocean Gold Coast, the Australian subsidiary of Huayu Group China, bought the Sofitel Gold Coast Broadbeach for $62 million from Canadian property giant Brookfield.

The acquisition was managed by the Brisbane and Beijing offices of global law firm, King & Wood Mallesons.

Huayu is a Chinese development corporation established in 1986 and the group has indicated it is just the first of a number of Australian hotels it wants to buy. Huayu Group China already owns a resort in China’s Yalong Bay with another under construction and the 322-room Holiday lnn Deshengmen in Beijing among its impressive portfolio.

Yisong Zhao, son of the Huayu Group China’s chairman Huashan Zhao, is the director of Blue Ocean Gold Coast.

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