$340 million for Four Seasons Four Seasons hotel, Circular Quay. Sydney's Four Seasons Hotel has been bought by the Korean investment giant Mirae Asset Global Investments for $340 million. Having undergone a $45 million upgrade in recent years, owner Eureka Funds Management put the former Regent Hotel in George Street up for sale earlier this year. The 531-room property overlooks Sydney Harbour and after the refurbishment was considered one of Sydney's top five-star hotels. Sydney is Australia's hottest hotel-investment market, accounting for about 60 per cent of the national transaction volume this year. Other recent sales include the Hotel Ibis on King Street Wharf, Diamant Sydney and Mercure Sydney in Potts Point and the Ritz Carlton in Double Bay. New, premium-end hotels are expected to open at Barangaroo and nearby Darling Harbour in the next five years. The Four Season sale was jointly marketed by Jones Lang LaSalle's Hotels & Hospitality Group and McVay Real Estate on behalf of Eureka Funds Management. Mirae Asset's new hotel interest will be managed by Millinium Capital Managers. Managing director David Grey said it was an "exciting investment by one of Korea's largest financial institutions and we believe it will not be the last." The Korean fund manages $US58 billion in assets globally, Jones Lang LaSalle's Craig Collins said, and has invested in commercial real estate properties in Brazil, China, India and the United States. The Korean company's entry into Australia follows that of the National Pension Service of Korea (NPS), which recently bought a half-stake worth $400 million in the Erina Fair shopping centre on the NSW central coast. NPS paid $685 million to Eureka Funds in 2010 for the Aurora Place tower in Phillip Street and has shown interest in a number of other assets across Australia. Fund manager at Eureka, Glen Boultwood, said the sale of the hotel was to capitalise on its increase in value since the fund bought it in 2006 for $225 million. "Eureka remains committed to the hotel sector and continues to own seven hotels across Australian and New Zealand," Mr Boultwood said. He said investors from China, Hong Kong, Singapore, Korea and the United States bid for the iconic hotel. Dan McVay of McVay Real Estate said positive trading fundamentals had influenced a strong medium-term market outlook, "and continue to attract international investment."