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Staywell Hospitality closes in on $46m sale of Park Regis Hotel

Simon Wan’s Staywell Hospitality Group is close to selling its budget Park Regis Hotel in Sydney to a Chinese buyer in a deal worth $46 million.

The sale comes after Malaysia’s Mulpha Group setpped back from due diligence to acquire the hotel, that has drawn offers after being on and off the market for several years. Staywell had insisted that the 122-room hotel at 27 Park Street be sold with a management agreement to Mr Wan’s hospitality group, which includes brands such as Leisure Inn. Mr Wan and his lawyer Richard Doyle, who are travelling together in Dubai, could not be reached for comment on the deal yesterday. It was negotiated by Colliers International national director Gus Moors, who also could not be reached for comment.