STAMFORD, Conn. -- (Business Wire)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced it
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.
“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,” said Simon Turner, President
of Global Development for Starwood. “The terms of this sale underscores
the strength of the Sheraton brand and the success of this hotel, as
well as the tremendous value of this property in a high barrier to entry
market.”
Turner added: “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.”
Ideally located opposite Hyde Park, Sheraton on the Park has won
numerous accolades including New South Wales Tourism’s Hall of Fame
awards for Best Luxury Accommodation; Australia’s Leading Hotel awards
from World Travel Awards; and HM Awards for Best Meetings & Conference
Property. The hotel 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
Link@Sheraton® offers a relaxed space with complimentary
wireless broadband where guests can socialize and connect with friends.
“Sheraton on the Park will help diversify our holdings by giving us a
trophy asset in Sydney – a leading travel destination and an important
financial center in Asia Pacific,” said the executive director of SIG’s
acquisition team. “As Starwood’s largest and most global brand, Sheraton
has cultivated a loyal following by offering travelers a stylish,
comfortable atmosphere and a social guest experience.”
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.
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 over US $1.5 billion of hotel asset sales over
the last three years.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel
and leisure companies in the world with more than 1,200 properties in
100 countries, and 181,400 employees at its owned and managed
properties. Starwood is a fully integrated owner, operator and
franchisor of hotels, resorts and residences with the following
internationally renowned brands: St. Regis®, The Luxury Collection®, W®,
Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, and
Element®. The Company boasts one of the industry’s leading loyalty
programs, Starwood Preferred Guest (SPG®), allowing members to earn and
redeem points for room stays, room upgrades and flights, with no
blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., a
premier provider of world-class vacation experiences through villa-style
resorts and privileged access to Starwood brands. For more information,
please visit www.starwoodhotels.com.
Contacts:
Starwood Hotels & Resorts
Carrie Bloom, 203-252-4022
carrie.bloom@starwoodhotels.com
Source: Starwood Hotels & Resorts Worldwide, Inc.
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