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

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

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

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

Upon completion of the sale of the hotel in North Sydney, the Australian cinemas, hotels, 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.”

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