Sheraton Grand Sydney Hyde Park Successfully Sold
Stamford, Connecticut, U.S., November 21, 2014 /PRNewswire/ -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced that it has successfully sold theSheraton Grand Sydney Hyde Park (Sheraton on the Park)in Australia to Sunshine Insurance Group (SIG) for AUD 463 million (approximately RMB 2.6 billion). The two parties have signed a long-term management contract, and the hotel will remain under the Sheraton brand and continue to be operated by Starwood.
Starwood’s Global Development President Simon Turner said: “We are pleased to further advance our asset-light strategy through the sale of the iconic Sheraton Grand Sydney Hyde Park. We also look forward to working closely with Sunshine Insurance Group to ensure the hotel’s continued success. This transaction further highlights the strength of the Sheraton brand, the successful performance of the Sheraton Grand Sydney Hyde Park, and the significant value of this property in Sydney’s high-barrier market.”
He added: “Investors around the world continue to show strong interest in our other assets. We are continuously striving to identify suitable owners and partners while ensuring long-term management contracts that create value for all our shareholders.”
Located opposite Sydney’s Hyde Park, the Sheraton Grand Sydney Hyde Park has earned numerous accolades over the years, including the “Most Luxurious Accommodation” award from the New South Wales Tourism Hall of Fame in Australia, the “Australia’s Leading Hotel” award from the World Travel Awards, and the “Best Conference Hotel” title from the HM Awards. The hotel features 557 guest rooms, comprehensive dining options, a Sheraton Executive Lounge, a rooftop fitness club, an indoor heated pool, and a spa with city views. The center of the hotel lobby also houses the “Link@Sheraton®Workspace by Sheraton” area, offering complimentary Wi-Fi in a relaxed environment for guests to socialize or meet new friends.
The executive director of the acquisition team at Sunshine Insurance Group said: “The acquisition of the Sheraton Grand Sydney Hyde Park contributes to the diversification of Sunshine Insurance Group’s assets. Sydney is a leading tourist destination and an important financial hub in the Asia-Pacific region, and the Sheraton Grand Sydney Hyde Park is a high-value property in Sydney. As the largest and most global brand of Starwood, Sheraton has cultivated a large loyal customer base by providing travelers with a stylish, comfortable atmosphere and a great experience that encourages social interaction.”
Starwood will continue to expand its presence in Australia and the Pacific region through management and franchise agreements. Currently, Starwood operates 14 hotels in Australia, including the recently opened Four Points by Sheraton Brisbane and the Sheraton Melbourne Hotel. Other upcoming openings include Aloft Perth Rivervale, The Westin Perth, and the return of the W brand to the Pacific region with the W Brisbane (2017).
In addition to the Sheraton Grand Sydney Hyde Park, Starwood has recently sold the Rome Cavalieri, a Waldorf Astoria Hotel, the Monterey Sheraton Ambassador Hotel, and the Bar Harbor Grand Hotel. These transactions have enabled Starwood to generate more than USD 15 billion (approximately RMB 91.5 billion) in asset sales over the past three years.
About Starwood Hotels & Resorts Worldwide
Starwood Hotels & Resorts Worldwide is one of the leading companies in the world’s hotel and leisure industry, with more than 1,200 properties in 100 countries and territories and over 181,400 associates in its owned and managed properties. As a globally recognized brand, Starwood is a fully integrated company that is both owner and operator of hotels, resorts, and residences, as well as a franchisor of its brands. Its well-known brands include: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méeridien®, Sheraton®, Four Points® by Sheraton, Aloft®, and Element®. Starwood also offers the industry-leading and award-winning SPG loyalty program, where members can earn and redeem points for free hotel stays, room upgrades, and flights — all without blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., which creates world-class vacation experiences through its villa-style resorts and VIP privileges across Starwood brands. For more information, please visit www.starwoodhotels.com/cn.