Hiap Hoe sells Melbourne hotel for $83m
The company will use the proceeds to repay bank borrowings and fund working capital.
Hiap Hoe has sold Four Points by Sheraton, Melbourne Docklands to WFM Financial Holdings for $83m (A$96m).
Hiap Hoe will use the proceeds to repay its bank borrowings and for working capital use.
Melbourne Docklands is located on a waterfront at the edge of Victoria Harbour, overlooking the Melbourne Central Business District.
Hiap Hoe acquired the waterfront site on 2 December 2013 and subsequently developed it into the hotel, which opened on 28 March 2017.