By Triana O'Keefe, editor Australian Hotelier

Iris Capital has this week sold The Crest Hotel in Potts Point and the Crown Hotel Parramatta for a combined price of $170 million.

Transacted by Colliers International, both properties were sold to Chinese-based Greenland as it prepares to float its entire operation on the Shanghai Stock Exchange.

Both sites were sold with development approval and it is not yet confirmed if those plans will go ahead under the new ownership.

The Crest Hotel plans include 139 apartments, and is valued at around $300 million with prices starting around $800,000.

After buying the site off Australand in 2012 for $65 million, Iris earlier this year unveiled plans to develop the 19 storey tower with an hourglass design by architects Durbach Block Jager.

As one of China’s biggest builders, Greenland has been seeking new opportunities in Australia to add to their bourgeoning portfolio. Currently, it is developing the $700 million Greenland Tower in Sydney that will include 478 apartments, the $200 million Lucent project in North Sydney and a recent move into Melbourne will yield more than 1000 apartments.

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The Shout Team

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