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Starwood sells Sheraton in Sydney to Chinese insurer

By Cherry Cao | November 21, 2014, Friday | Online Edition

CHINA'S Sunshine Insurance Group has agreed to pay about US$400 million for a trophy hotel asset in Sydney in the latest property acquisition made by Chinese insurers who have been ambitious to diversify into offshore real estate markets.

Starwood Hotels & Resorts Worldwide Inc said it has sold Sheraton on the Park in Sydney -- a 557-room five star hotel located opposite picturesque Hyde Park in the Sydney CBD -- to Sunshine for A$463 million (US$399 million), some six months after the property was placed on the market.

Starwood, which is proceeding with its asset-light strategy, will continue to manage the hotel as a Sheraton under a long-term management contract, according to a company statement.

A month earlier, Hilton Worldwide Holdings Inc announced that it has agreed to sell the Waldorf Astoria New York Hotel for US$1.95 billion to Anbang Insurance Group Co. As part of a long-term strategic partnership, Beijing-based Anbang will grant Hilton Worldwide a management agreement to continue to operate the property for the next 100 years.

Over the next five years and beyond, Asian insurance companies, as well as pension funds, are set to play an increasingly important role in the real estate landscape as the changing regulations and improved knowledge of the sector are allowing these investors more access to alternative investment classes, international real estate services provider Knight Frank said in an earlier report. Asian insurance companies and funds' allocations towards property markets are expected to grow by 10 percent, significantly higher than the existing 0 to 5 percent, according to the Knight Frank Global Cities 2015 Report.

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