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Aussie hotel deal radiates Sunshine over real estate
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CHINA’S Sunshine Insurance Group paid about US$400 million for a trophy hotel in Sydney, as Chinese insurers join other Asian counterparts and pension funds to invest in 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 Insurance for A$463 million (US$399 million), some six months after the property was placed on the market.
Starwood 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 said it has agreed to sell the Waldorf Astoria New York Hotel for US$1.95 billion to Anbang Insurance Group Co. Under a long-term strategic partnership, Beijing-based Anbang will grant Hilton Worldwide a management deal to continue to run the hotel for the next 100 years.
Asian insurance companies and pension funds are set to play an increasingly important role in the real estate landscape over the next five years and beyond as they take advantage of changing regulations and improved knowledge of the sector to invest in these assets, international real estate services provider Knight Frank said in an earlier report.
The allocation by Asian insurance companies and funds to property markets may grow 10 percent, sharply above the current 0 to 5 percent, said the Knight Frank Global Cities 2015 Report.
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