Sunshine Insurance acquires Sydney Sheraton on the Park
Sunshine Insurance Group has acquired Sydney Sheraton on the Park Hotel for A$406 million and formed a long-term hotel management partnership with Starwood Hotels.
November 21, 2014 - Sunshine Insurance Group announced it has acquired Sydney Sheraton on the Park Hotel for A$406 million and formed a long-term hotel management strategic partnership with the hotel’s previous owner US Starwood Hotels and Resorts Group.
Built in 1992, the landmark Sydney Sheraton on the Park with 557 luxury suites is located opposite the prestigious Hyde Park in the heart of Sydney’s CBD. It is the Australian flagship of the Starwood Hotel Group and a long-standing premier five-star hotel of Australia winning numerous New South Wales luxury hotel awards. The hotel has enjoyed stable occupancy rates over the years and is one of the best performing five-star hotels in the world, thanks to Australia’s appeal as a year-round tourism destination.
Chinese investors have zeroed in on overseas investments to expand their portfolios as the expectation of RMB’s continued rapid appreciation is weakening. In contrast with other companies making investments in Europe or the USA, Sunshine Insurance has chosen Australia for its more stable economic growth. The Sheraton on the Park hotel acquisition was finalized after a six-month investigation.
Prior to the acquisition, Sunshine Insurance had already reached out to top international investment institutions like KKP and Morgan Stanley Real Estate Fund to attempt indirect investment of insurance funds in line with its open and prudent investment practices.
The acquisition deal between Sunshine Insurance and Starwood was officially signed on October 10 and has been completed following approval by the Australian government and completion of all due processes.(Translation by David)