GIC RE BUYS PARK HYATT MELBOURNE

SINGAPORE, MELBOURNE, SYDNEY , 11th August 2003

GIC Real Estate Pte Ltd (GIC RE), the real estate investment company of the Government of Singapore Investment Corporation (GIC) signed an agreement to buy the Park Hyatt Melbourne from the original developer/owner, Lustig & Moar Group. The price of A$125.7 million, which includes a 675-bay carpark, represents a significant transaction on the Australian hotel property market this year, especially in Melbourne.

The Park Hyatt Melbourne is situated in a historic precinct dominated by the Victorian State Parliament house, St Patrick’s Cathedral (Melbourne’s oldest) and the old Treasury Building. While the hotel offers a serene sanctuary of the botanical expanse of the Fitzroy Gardens, it is but a mere 5-minute walk to the eastern end of the Collins and Bourke Streets where bustling business, retail and entertainment are found. The hotel has 240 oversized guestrooms and suites, the smallest being approximately 48 sqm. All rooms are superbly appointed, some with fireplaces, terraces and jacuzzi.

The Park Hyatt Melbourne marks the latest purchase of 5-star deluxe hotels by GIC RE, having bought both the Westin and Shangri-La (formerly the ANA) in Sydney in 2002. Besides hotels, GIC RE is also the owner of other substantial assets in the Sydney area, including the Queen Victoria Building, the Strand Arcade and the office tower at 175 Liverpool Street.

Explaining the transaction, Dr Seek Ngee Huat, President of GIC RE said, “We are excited to enter the Melbourne market with such an exclusive asset. It is a logical market for us having anchored ourselves firmly in Sydney with the purchase of two equally prime hotel assets last year.”

He added, “Although the hospitality real estate cycle is still finding its bottom in Melbourne, we are confident that our arrangement with Hyatt will see us through the bottom of the cycle. We have confidence in the Park Hyatt brand to realise the full potential of this property.”



About GIC RE
Headquartered in Singapore, GIC Real Estate Pte Ltd (GIC RE) is a pre-eminent global real estate investment manager. The company manages a multi-billion dollar portfolio of direct and indirect property investments worldwide. GIC RE is the real estate investment arm of Government of Singapore Investment Corporation (GIC) which manages the foreign reserves of Singapore.