Record price for Sydney s Sheraton on the Park

Record price for Sydney’s Sheraton on the ParkSydney’s Sheraton on the Park has been sold for a record $463 million to Sunshine Insurance Group Corporation, in Australia’s largest single-asset hotel transaction.JLL’s Hotels & Hospitality Group announced the sale of the 557-room five-star hotel by US owner Starwood to Sunshine Insurance Group, reportedly the China-based insurer’s first real estate acquisition in Australia.The hotel will remain the Sheraton with Starwood as its operator under a long-term management agreement. It has been reported that under the terms of the sale, Sunshine had to commit to a management agreement with Starwood of up to years.JLL said the sale was “a milestone transaction for the Australian hotel industry” which underlined the continued demand for prime hotel assets across Australia’s key markets.The hotel, located in Sydney’s CBD opposite Hyde Park, attracted interest locally as well as from prospective buyers throughout Asia and the Middle East. It has also been noted that the purchase is the first large commercial property acquisition to be made by a Chinese insurer in Australia since the Chinese Insurance Regulatory Commission relaxed investment rules.