IN-DEPTH: LaSalle fund sells iconic hotel in Sydney CBD

LaSalle Investment Management has agreed to sell its 100 percent shareholding interest in Sofitel Wentworth Sydney to Frasers Centrepoint.

THE DEAL

The sale was made on behalf of the LaSalle Asia Opportunity Fund III, a $3 billion opportunistic fund that closed in 2008. The fund purchased the hotel in 2010 for approximately A$140 million ($130 million). JLL represented the seller.

Terms of the transaction were not disclosed, but, according to Real Capital Analytics, the new owners paid approximately A$202.7 million, or A$464,908 per unit ($188.3 million/$431,774 per unit).

THE ASSET

The 17-story full-service hotel was built in 1966 and renova