CapitaLand Ascott Trust (Clas) is to divest two hotels in Sydney, Australia for A$109 million (S$95.6 million) to an unrelated third party, the managers said in a press statement on Monday (Nov 6).

The properties – Courtyard by Marriott Sydney-North Ryde and Novotel Sydney Parramatta – are located outside Sydney’s city centre. They will be sold at 5 per cent above book value with an exit yield of 4.4 per cent on an expected net gain of A$14.2 million.