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Two Australian assets sell for $745m

by Andrea Waitrovich

In separate deals, an office building and a hotel in Sydney have sold for approximately $744.6 million.

Starwood Hotels & Resorts Worldwide has sold the 577-room Sheraton on the Park in Sydney to Sunshine Insurance Group Corp. for A$463 million ($399 million). Starwood will continue to operate to the hotel.

Starwood 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 re-entry 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 more than $1.5 billion of hotel asset sales during the past three years.

And down the street, an office property located at 175 Liverpool St. is under contract to be sold for approximately

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