STAMFORD, CT—Starwood Hotels & Resorts Worldwide, Inc. has sold Sheraton on the Park in Sydney, Australia, to Sunshine Insurance Group Corporation (SIG) for AUS$463 million (roughly $399 million in U.S. dollars). Starwood will continue to operate the hotel as a Sheraton under a long-term management contract.
“We are pleased to advance our asset-light strategy with the sale of the iconic Sheraton on the Park hotel and look forward to working closely with SIG to ensure its continued success,” stated Simon Turner, president of global development for Starwood. “We’re continuing to see strong investor interest around the world for our remaining assets, and remain committed to finding the right owners and partners—while securing long-term management contracts—in order to create value for our shareholders.”
Located opposite Hyde Park, Sheraton on the Park features 557 guestrooms, full-service dining, a Sheraton Club Lounge, rooftop health club, indoor heated pool and spa with city views. At the heart of the lobby is the signature Link@Sheraton.
Starwood continues to expand its portfolio in Australia and the Pacific through management and franchise agreements. The company currently operates 14 hotels in Australia, including the recently opened Four Points by Sheraton Brisbane and Sheraton Melbourne Hotel. Upcoming openings include Aloft Perth Rivervale, The Westin Perth and W Brisbane in 2017.
Including this sale and the recent sales of The St. Regis Rome, the Sheraton Ambassador Monterrey hotel and The St. Regis Bal Harbour, Starwood has completed more than $1.5 billion of hotel-asset sales over the last three years.