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News release

Sydney

JLL appointed to lead sale of Starwood’s iconic Sheraton on the Park Sydney


One of Australia's trophy hotels, the five-star Sheraton on the Park in Sydney, has been placed on the market by Starwood Hotels & Resorts Worldwide, Inc. ("Starwood"); and JLL's Hotels & Hospitality Group has been exclusively appointed to market the landmark asset through an expression of interest campaign closing Friday 20 June 2014. Starwood will enter into a long-term management agreement with the buyer of this trophy asset.

Strategically located opposite picturesque Hyde Park in the Sydney CBD, the freehold hotel is close to the city's luxury retail precinct, some of Sydney's most prestigious commercial office buildings and major tourism demand generators. It boasts an impressive trading history and features 557 guest rooms and suites, a restaurant, a tea lounge, a bar, extensive conference and function space, leased retail space and a range of recreational facilities.  As a result of its superb guest offering and excellent service levels, the hotel has been the recipient of numerous awards and accolades including New South Wales Tourism's Hall of Fame awards for Best Luxury Accommodation; Australia's Leading Hotel awards from World Travel Awards; and HM Awards for Best Meetings & Conference Property.

Craig Collins, CEO of JLL's Hotels & Hospitality Group Australasia, said, "Sydney's five-star sector is currently experiencing the best trading conditions in many years with Revenue Per Available Room growth of over 14% for the first three months of 2014, compared to the same period last year."

Mr Collins continued, "With Sydney experiencing significant office building construction and infrastructure related investment, we expect the hotel sector to continue to experience strong trading conditions over the near and medium terms, accelerated by a benign hotel supply outlook."

"The Sydney hotel market continues to be a focus of investors globally and we are anticipating very strong investor interest in this asset, particularly because of its trophy status, freehold title and exceptional trading profile. It's important to note that a number of other five-star hotels have sold in Sydney over the past two years and are now in the hands of traditionally long term holders. This may be the last chance for a considerable time for investors to acquire a prime Sydney hotel," added Mr Collins.

Expressions of interest for the sale of Sheraton on the Park close midday (Sydney time) Friday 20 June 2014.

For further information please contact the marketing agent – Craig Collins (+61 2 9220 8797 / craig.collins@ap.jll.com).