The hotel group announced the sale of the Sheraton on the Park in Sydney for 399 million dollars, or close to 320 million euros.

Starwood Hotels & Resorts Worldwide is selling another asset. The hotel group announced the sale of Sheraton on the Park in Sydney, Australia, to Sunshine Insurance Group Corporation. The transaction will be for 399 million dollars, close to 320 million euros.

The property will continue to be managed by Starwood Hotels group through a long-term management contract. Located across from Hyde Park, Sheraton on the Park has 557 rooms, meeting and convention rooms, a bar, a restaurant, a swimming pool and a spa.

Starwood is pursuing growth in Australia and in the Pacific through management and franchise contracts. The group currently operates 14 hotels in Australia, including the recent Four Points by Sheraton Brisbane and Sheraton Melbourne. Other openings are expected by 2017, such as that of Aloft Perth Rivervale, the Westin Perth and the W Brisbane.

On January 1, 2014, Starwood Hotels & Resorts was the seventh hotel group worldwide in terms of number of rooms, according to the ranking realized each year by MKG Hospitality, hospitality consulting firm founded by Georges Panayotis. It had 339,243 rooms in 1,161 hotels. (Read our report)

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