Jerry Schwartz looks to catch Sydney’s rising travel wave with new hotel sale
Australia’s largest private owner of hotels, Dr Jerry Schwartz, has put his Four Points by Sheraton Sydney, Central Park property on the market.
The doctor may be ‘right on the money’ again with news of a sharp rise in bookings for Sydney CBD hotels following the opening of borders, and a strong re-bound in corporate, conference and leisure travel predicted for 2021.
The Four Points is close to Sydney’s Central Station and forms an integral component of the award-winning Central Park precinct – one of Sydney’s most exciting and innovative urban regeneration projects built on the site of the former Kent Street Brewery.
The mixed-use precinct consists of appealing retail space, stylish apartments, office space, restaurants, bars and student accommodation.
Situated at the heart of Sydney’s trendy and emerging Chippendale and Broadway suburbs, and adjacent to the University of Technology Sydney and University of Notre Dame, the Four Points by Sheraton Sydney, Central Park opened in August 2018.
Designed by internationally acclaimed British architecture firm Foster + Partners, Four Points by Sheraton Sydney, Central Park features 297 guest rooms, a bar and lounge with an outdoor terrace, a restaurant, nearly 550 square metres of function space, a fitness centre, and extensive parking facilities.
Dr Jerry Schwartz, Director of Schwartz Family Company said: “I see this as an ideal time to sell the Four Points because all the forecasts suggest Sydney will re-bound strongly in 2021 and beyond, and I want to take advantage of the upward cycle.
“While there is additional hotel inventory coming into the Sydney market during 2021/22, much of it is at the top end of the market, where the most likely growth in demand will be in the 4-star market.
“There is nothing like the Four Points currently available on the market in Sydney. Not only is the Chippendale area renowned for its art and food scene, there is also the prospect a new technology and innovation precinct – with Atlassian as the anchor tenant – being developed very close to the hotel over the southern area of Central Railway.
“The rollout of the Coronavirus vaccine is likely to inspire greater confidence in corporate and conference travel in the coming years, and that will drive the Four Points market.
“I have enjoyed re-establishing the Four Points brand in Sydney, and the partnership with Marriott, but I am already well-represented with hotels in the southern end of the Sydney CBD and Darling Harbour, and I thought it was time to take advantage of market conditions and sell when there is such strong demand.”
The sale is being handled by JLL Hotels & Hospitality’s Mark Durran, who added: “The Hotel has performed exceptionally well in its calendar year operation in 2019, achieving an average occupancy of 85 percent reflecting its quality product, prime location close to numerous sources of business and leisure demand drivers, and the benefit of Marriott’s world-class management and branding.
“The Hotel also offers further value-added potential with several development approvals obtained by the current owner to add an additional 11 guest rooms, which would take the room inventory to 308 keys.”
“Another approval has been granted to roof over and enclose a large outdoor terrace area to create further flexible multi-purpose all year-round function space.”
“Other approvals are also in place for the addition of a distillery on the ground level adjoining the restaurant and bar”.
AccomNews is not affiliated with any government agency, body or political party. We are an independently owned, family-operated magazine.
