Melbourne fund manager buys Darling Harbour hotel for $55m

The real estate arm of Melbourne-based fund manager Prime Value, Shakespeare Property Group, has swooped on the Woolstore 1888 hotel at Darling Harbour in Sydney, paying about $55 million for the 90-room heritage-listed hotel.

The acquisition is the second major hotel deal in Sydney in the past month after the InterContinental Hotel in Double Bay was acquired by a group of developers for $215 million.