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Hyatt Hotels

Someone Wanted the Whole Park Hyatt in Sydney

March 14, 2008 at 1:11 PM | 0 Comments

Popular Sydney hotel, the Park Hyatt Sydney, might face a few changes in the future. It has just been sold to a private Japanese investor for a record price for the Australian market.

The final price for this posh hotel was A$201.6 million (almost US$190 million), which works out at almost US$1.2 million per room, the highest per-room price ever paid for a hotel in Australia. We're glad the per night rates translate to being a bit cheaper (although at around $730 a night, we probably shouldn't use the word cheap).

No word yet on whether the new owner has plans for any alterations--though since it's running pretty successfully at the moment, we'd tend to adopt the "if it ain't broke, don't fix it" motto. Some are saying, though, that it's the beginning of another round of increased Japanese investment in Australian hotels.

[Photo: Longdrive]