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Greek Australian buys Sydney hotel

Greek Australian Bill Gravanis of the Oscars Hotels group is in the running to fork out more than $100 million to buy the four-star Novotel Sydney Brighton Beach Hotel near Sydney Airport from private equity group Brookfield.

The deal to acquire the 296-room hotel is expected to settle next March and is likely to be the biggest to date for the Oscars Hotels group.

Controlled by Mario and Bill Gravanis, the Oscars Hotel Group has been amassing hotels for years, recently picking up the Novotel Wollongong Northbeach and associated South Coast assets.

In Sydney, Oscars owns a portfolio of properties including the Camperdown Hotel, Hotel Sweeneys and the Bankstown Hotel.

Mr Gravanis yesterday declined to comment on the looming acquisition of the Novotel Wollongong Northbeach from Canadian private equity giant Brookfield.