Sydney’s Four Seasons Hotel has been sold to Eureka Funds Management for US$168 million. The property, previously the Regent Hotel, was sold by Chicago-based Walton Street Capital and Four Seasons Hotels, ending more than a year of negotiations over the asset. Eureka has been highly acquisitive in the hotel sector, last year paying US$291 million for InterContinental's nine hotels in Australia and New Zealand. The Four Seasons Hotel was put on the market in July 2005 and a consortium involving Thakral Holdings and Singapore's GIC Real Estate undertook exclusive due diligence on the asset.

Home Inn Hotels & Management, China's second-largest budget hotel chain, plans to raise up to US$80 million in an initial public offering in the United States, the company said yesterday. About US$45 million of the money raised will be used to expand the hotel chain and existing properties while US$7.5 million will be used to repay debts. Home Inn has 82 hotels in 26 cities in the mainland with a further 57 under development which will expand its reach to 40 cities. The company said it has been profitable since 2003 and that net income grew from US$190,000 in 2003 to US$2.6 million in 2005.

Bulgari Hotels & Resorts has opened the second property in their exclusive boutique hotel group. The Bulgari Resort is located on the cliff top site of the Pura Luhur Uluwatu Temple, on the island's far south-western tip. The Jimbaran Bay and the international airport lie approximately 20 kilometres north. Located at more than 150 metres above the seashore, the resort offers unrivalled views across the Indian Ocean. The resort comprises 59 ocean-view villas, including 3 two-bedroom villas and the 1,300-square metre Bulgari Villa designed by architects Antonio Citterio and Partners. All accommodations offer a plunge pool and patio with secluded tropical garden, high technology features and an extensive range of amenities.