Sunshine Insurance Group, one of China’s top 500 companies, is reported to have agreed terms to acquire Sydney’s Sheraton on the Park from Starwood for a record price of around $465 million.
SIG was recently beaten to the Sofitel Sydney Wentworth purchase by Frasers Centrepoint in May and the acquisition of the 557-room Sheraton on the Park in Elizabeth St would be the company’s first property in Australia.
Starwood is divesting itself of hotel ownership in Australia to concentrate on expanding its management role throughout the country.
Neither SIG or Starwood have confirmed the sale.