EVENT Hospitality & Entertainment to sell Rydges North Sydney hotel for $53m

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EVENT Hospitality & Entertainment has agreed to sell the Rydges North Sydney hotel to and for AUD 75 million ($53.7 million).

The buyers are subsidiaries of a Singaporean entity and investment affiliates of .

Previously, EVENT Hospitality & Entertainment determined that the Rydges North Sydney hotel needed capital refurbishment if it had to retain it.

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Upon completion of the sale of the hotel in North Sydney, the Australian cinemas, , and resorts operator will have achieved its goal of realizing total gross proceeds of AUD 250 million from selling non-core properties.

EVENT Hospitality & Entertainment stated: “The Group is currently pursuing the sale of Rydges Rotorua subject to a market process and achievement of an acceptable price. Further potential non-core property divestments remain under review.”

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The Australian group said that after excluding the Rydges North Sydney hotel, its property portfolio is valued at AUD 2 billion.


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