Developments

Aloft for Sydney deal close

Starwood intends to develop an Aloft Hotel – and possibly a W Hotel – at the Sydney Olympic Park Authority’s development site at Homebush where the NSW government is offering a 99-year lease.

Starwood’s director of acquisitions and development, Andrew Taylor, said if Starwood’s tender is successful, the group plans a 180-room Aloft at Olympic Park and already has a developer-partner. Starwood says the private developer is also looking to do a W Hotel in Sydney and they are evaluating three sites for a W Hotel in the CBD. “At least one of them is outstanding; it ticks the boxes of an iconic hotel,” said Mr Taylor.

Starwood believes the Sydney hotel market needs several Aloft hotels. “We know we can get rates of $250 a night with Alofts. The beauty of the Aloft is we can drive a high room rate, without the standard operating costs of a full-service hotel. We have a bar but no restaurants,” said Mr Taylor.

Mr Taylor said, “We are very close to signing a site in Sydney’s CBD for a 150-room $55 million to $60m Aloft hotel. Construction would start next year. ”

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