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.