STARWOOD Hotels and Resorts is looking for a buyer for the five-star Sheraton on the Park Sydney, which would continue to be managed by the group.
Sheraton on the Park Sydney is situated opposite Hyde Park in the central business district, close to Sydney’s luxury retail precinct. The hotel comes with 557 guest rooms and suites, a restaurant, a tea lounge, a bar, extensive conference and function space, leased retail space and a range of recreational facilities.
JLL’s Hotels & Hospitality Group has been appointed to market the freehold hotel. Expressions of interest are welcome until June 20.
Craig Collins, CEO of JLL’s Hotels & Hospitality Group Australasia, said: “Sydney’s five-star sector is currently experiencing the best trading conditions in many years with RevPAR growth of over 14 per cent for the first three months of 2014, compared to the same period last year.”
“We are anticipating very strong investor interest in this asset, particularly because of its trophy status, freehold title and exceptional trading profile. It’s important to note that a number of other five-star hotels have sold in Sydney over the past two years and are now in the hands of traditionally long-term holders. This may be the last chance for a considerable time for investors to acquire a prime Sydney hotel,” commented Collins.
