In its latest quarterly performance report released on April 29 2015, Hilton Worldwide reported on the sale of the 577-key Hilton Sydney for AU$442 million. As part of the sale agreement, Hilton will continue to manage the property under a 50-year management agreement. Sydney has seen several large hotel deals in the last one year, including Starwood’s record-setting sale of the 557-key Sheraton-on-the-Park to Sunshine Insurance Group Corporation, a China-based company, for AU$463 million. Currently, Singapore’s GIC Private is looking to sell yet another Starwood branded property, the 414-key Westin Sydney on Martin Place, with hopes that international interest could push the value of the hotel past AU$400 million.
HVS APAC HOSPITALITY NEWSLETTER.