SYDNEY—The Ibis World Square Hotel here will be sold to an Australian private company for US$12.5 million (A$22.7 million), according to Jones Lang LaSalle Hotels. The deal was negotiated by Jones Lang LaSalle Senior VP Mark Durran. According to Durran, the hotel attracted “strong interest” with more than 62 inquiries received. He noted that the sale price achieved for this hotel and other recent sales, such as the ANA Sydney and the Westin Hotel Sydney, “reflect investor confidence in Sydneys improving hotel and tourism market fundamentals.” The hotel opened in early 1999 and has 166 rooms. It is currently operated by Accor Asia Pacific.
