Taj Hotels is exiting the Australian accommodation market with the sale of its iconic Blue Hotel on the Woolloomooloo wharf in Sydney.
Hong Kong-based Ovolo acquired the prime location in a $32 million deal. The new property will be part of the company’s Australian brand expansion strategy.
The international Indian hotel group originally bought the space from W Hotels in 2006 for $36 million.
The Taj hotel group will now turn its focus to the Chinese and United Arab Emirates luxury hotel market.
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