Chinese investment group Bright Ruby has won preferred buyer status and is set to purchase the Hilton Hotel Sydney for more than A$450 million.

Chinese investment group Bright Ruby has won preferred buyer status and, according to multiple sources, is set to purchase the Hilton Hotel Sydney for more than A$450 million (US$351 million or US$600,000 per key). While still not confirmed, the price could set a record for an Australian hotel, topping Chinese insurer Sunshine Insurance Group A$463 million (US$361 million) buy of Sydney’s Sheraton on the Park in 2014.

Not a stranger to investing around its Chinese boarders, in 2013, Bright Ruby, led by the founding Du family from Shandong, spent S$1.1 billion (US$858 million) for the Grand Park Orchard Hotel in Singapore.

The Hilton transaction could open a path for the Government of Singapore Investment Corp. to sell the 414-room Westin Sydney for a price expected to approach A$500 million (US$390 million).