Ovolo buys Sydney property from Taj Hotels Group

Australia: The Blue Sydney hotel has been bought for $32 million by Hind Hotels and Properties Group.

Australia: The Blue Sydney hotel has been bought for $32 million by Hind Hotels and Properties Group.

Hind is the parent company of the Hong Kong-based Ovolo brand, which is establishing a strong base in Australia, following the recent acquisitions of the Oaks on Lonsdale in Melbourne and 1888 hotel in Pyrmont, Sydney.

The sale marks vendor Taj Group’s exit from Australia.

Ovolo founder and chief executive Girish Jhunjhnuwal said: “The purchase is part of an aggressive brand expansion strategy across Australia. They presented a unique opportunity for us to reinforce our presence in the Australian hotel market.”

Raymond Bickson, of Taj parent Indian Hotels Company, said: “This decision is in line with our group strategy to focus on key markets for now, that are critical to the group’s operations. The hotel has a wonderful track record of high occupancy, a stellar list of industry awards and has set new Australian benchmarks for environmental practices.”

www.ovolohotels.com
www.tajhotels.com

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