A new Starwood hotel for Sydney’s Central Park
Starwood Hotels has struck an agreement with Frasers Property and Sekisui House's for a $2 billion Central Park development near Sydney's Central Station, creating a new Four Points by Sheraton.
The hotel will open in 2018.
The $150 million hotel will be designed by UK architects Foster + Partners.
Starwood will operate the hotel under a long-term management agreement with its joint venture partners.
Sitting between two high-rise towers and fronting the main thoroughfare of Broadway, adjacent to the University of Technology Sydney, the hotel will boast 297 guest rooms, an outdoor terrace, restaurant and nearly 550 square metres of function space.
The deal means Starwood now has eight properties under development. These include a 273-room Four Points by Sheraton Melbourne Docklands, a 224-room Aloft Perth Rivervale set to open by next March, a Westins in Perth and Brisbane, the Sheraton Adelaide and W Brisbane.
It also comes at a time when Starwood’s management of the Four Points by Sheraton at Darling Harbour is coming to an end on November 30, after 16 years of management. That hotel will being turned into an 892-room Hyatt Regency.
“With the International Convention Centre opening in 2016, we will be extremely well-placed with a new 4.5-star hotel nearby," Andrew Taylor, Starwood's director of acquisitions and development in the Pacific, told The Australian Financial Review.
"This is a record period of development for us and we will have a few more announcements to make in the near future."
The latest deal comes at a critical time for Starwood with its $US13.6 billion ($18.5 billion) merger with Marriott International being bedded down, creating the world's biggest hotel group.
It also leaves Starwood with six hotels including the Sheraton on the Park, Westin Sydney, the Pier One Sydney Harbour, Autograph on Miller's Point near the Harbour Bridge and the Sydney Harbour Marriott Hotel at Circular Quay.
by Leon Gettler, June 16th 2016
