Starwood Hotels & Resorts Worldwide, Inc. continues asset-light strategy with sale of Sheraton on the Park in Sydney, Australia.
Starwood has sold Sheraton® on the Park in Sydney, Australia to Sunshine Insurance Group Corporation (SIG) for AUS$463.0 million [US$399.0 million]. Starwood will continue to operate the hotel as a Sheraton under a long-term management contract.
Ideally located opposite Hyde Park, Sheraton on the Park features 557 guest rooms, full-service dining, a Sheraton Club Lounge, rooftop health club, indoor heated pool, and spa with spectacular city views. At the heart of the lobby, the signature [email protected]® offers a relaxed space with complimentary wireless broadband where guests can socialize and connect with friends.
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, marking the brand’s reentry into the Pacific region.