AN as yet undisclosed south-east Asian investor has paid $185 million for GPT's unrenovated 'Four Points by Sheraton' hotel, in Sydney.

The hotel sold at a 10 per cent discount to its June 2009 valuation of $206 million. In December last year it was valued at $236 million.

Based on the asset's current annual rent, the hotel sold on a yield of 8.8 per cent.

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