Starwood Hotels & Resorts Sells Sheraton On The Park In Sydney For $399 Mln

(RTTNews) - Starwood Hotels & Resorts Worldwide Inc. (HOT) announced it has sold Sheraton on the Park in Sydney, Australia to Sunshine Insurance Group Corporation for AUS$463.0 million or US$399.0 million. Starwood will continue to operate the hotel as a Sheraton under a long-term management contract.

Starwood noted that it 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.