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The Karim family pays hugely discounted $52.5m for the former Bank of China building near Wynyard Station and will spend $30m turning it into a luxury hotel.
The sale of the almost brand new five-star has set a new benchmark of $613,000 per room and comes amid a strong showing from the Adelaide accommodation sector.
Developer Mohan Du has secured a permit for a $340m hotel project at Docklands offering over 300 rooms. He says Melbourne is playing catch-up with Sydney.