Date: October 2018
Location: Hyde Park, Sydney, NSW, Australia
Name: Sheraton Grand Sydney Hyde Park – official re-opening November 2019
Seller: In 2014, the then five-star Sheraton on the Park, Sydney, was sold to China based Sunshine Insurance Group Corporation for AUD $463 million, which at the time set a new record for the largest single hotel asset sale in Australia, previously held by the Four Seasons Hotel Sydney, which sold for AUD $340 million in 2013.
JLL’s Hotels & Hospitality Group advised the seller on the sale.
Buyer: Ahead of a grand renaming ceremony on November 15, Sydney’s iconic Sheraton on the Park has quietly commenced a soft opening under its new name – Sheraton Grand Sydney Hyde Park.
The upgrade to the elite luxury-tier brand comes following a significant AUD$50 million refurbishment which the hotel says will set it up for the future by paying homage to its heritage but still taking the direction of the hotel down a more modern path.
As part of the mini-rebrand, the hotel has launched the local edition of a global experiential tour which celebrates the culture behind seven key destinations, including Sydney. Dubbed ‘The Heart of the City’, the display will feature relics, nostalgia, memorabilia and images from Sydney’s history, all linked to the story behind the Sheraton’s place in the city’s timeline.
The exhibit will be active at Sheraton Grand Sydney Hyde Park from November 16-21, just after the official reopening of the hotel under its new name.
Sheraton Grand GM David Fraser said the AUD$50m investment was a catalyst behind the hotel’s elevation to the higher luxury tier.
“When we commenced our renovations we sought to re-imagine the elegance and sophistication of a luxury apartment into our guestroom design by creating a more refined and residential experience.
“We are honoured to receive the coveted designation of Sheraton Grand. It is a wonderful testament to the exceptional level of service provided by our team,” Fraser added.
THPT Comment: Marriott acquired Sheraton when it purchased Starwood Hotels and Resorts in 2016. With 444 hotels in 72 countries, Sheraton is the third largest of Marriott’s 30 brands by room count. It is the largest brand outside of the USA, also by room count. Sheraton was created 81 years ago.
The brand makes up 42 percent of the portfolio of hotels that Marriott acquired from Starwood.
In June 2018 Arne Sorenson, CEO of Marriott announced a major revamp of the brand. 25 percent of the owners of Sheraton hotels have committed to spending about $500 million on renovations of hotels across the USA….and now Sydney.
First Seen: Australia Hotel Management