Press Release - Pacific Century Hotels Trust sells All Seasons on Crown

Press Release - Pacific Century Hotels Trust sells All Seasons on Crown

10-Feb-2000

Pacific Century Hotels Trust owned jointly by Thakral Corporation Limited (listed in Singapore) and Thakral Holdings Limited (the publicly listed company in Australia) has sold its All Seasons on Crown Hotel in Sydney to the Carrington Group.

The transaction was negotiated by Jones Lang LaSalle Hotel's Craig Collins and Mark Durran.

The Carrington Group has investments in property, commercial furniture manufacturing, real estate services and document storage in both Australia and Asia.

Strategically located on the city fringe, All Seasons on Crown has 94 rooms, was extensively refurbished two years ago and enjoys a high level of occupancy.

Carrington's Mr Andrew Finlayson said "the All Seasons Management Company will be retained as the operators of the hotel".

Carrington are pleased to have added the All Seasons on Crown to their Surry Hills portfolio, having purchased their headquarters at 596 Crown Street last year.

Andrew Finlayson also said, "We are confident that property located on the fringe of the Sydney CBD will continue to grow rapidly as the numbers of professionals and companies moving into the area is increasing".

John Schaap, Managing Director of Thakral Holdings Limited said "the sale was part of the overall diversification strategy embarked on during the last two years".



Released by: Carrington Group

Contact: For further information or comment, please call Andrew Finlayson, Managing Director, Carrington Group, on 02-8394 8888

Released by: Pacific Century Hotels

Contact: For further information or comment, please call John Schaap, Managing Director, Thakral Holdings Limited, on 02-9272 8888

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