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Case Study

Record-breaking single-asset sale in Australia ​​

​Widely considered as one of Australia’s most prestigious trophy hotels, the five-star Sheraton on the Park, Sydney, was sold for a record AUD463 million in November 2014 to China-based Sunshine Insurance Group Corporation.
 
This transaction sets a new record for the largest single hotel asset sale in Australia, previously held by the Four Seasons Hotel Sydney, which sold for AUD340 million in 2013:
 
"Selling the hotel for AUD463 million has completely recalibrated the pricing of CBD hotels in Sydney." Craig Collins, CEO - Australasia, Hotels & Hospitality Group.

Situated opposite the picturesque Hyde Park in Sydney’s bustling CBD, the 557-room Sheraton on the Park has received numerous accolades, including Best Luxury Accommodation in New South Wales Tourism’s Hall of Fame Awards and Australia’s Leading Hotel in the World Travel Awards.

It was sold with a long term management agreement and Starwood will continue to operate the hotel as a Sheraton.