Jerry Schwartz's Four Points by Sheraton for sale
Mark Durran, Managing Director of JLL Hotels & Hospitality Group has been exclusively appointed to manage the sale of the Four Points by Sheraton Sydney, Central Park.
The Hotel forms part of the massive Central Park mixed-use development which was developed by Frasers Developments and Sekisui House opposite the University of Technology Sydney campus and close to Central Station. The owner Schwartz Family Company plans to divest the 297 room near new hotel which opened in late 2018.
Dr Jerry Schwartz said, “I see this as an ideal time to sell the Four Points because the forecasts suggest Sydney will rebound strongly in 2021 and beyond and I want to take advantage of the market uplift”.
Mr. Durran said “historically, opportunities to acquire quality hotel assets in Sydney are rare. This is a unique opportunity for an investor to acquire a near new property located in one of Sydney’s high growth precincts for both long term business and leisure demand”.
“The Hotel is located close to Sydney’s emerging Technology and Innovation precinct near Central station where Atlassian will be an anchor tenant”. “The government backed technology precinct will also include several other multi-billion office projects including Dexus $2.5 billion Central Place Sydney which will include a 140,000sqm of office space”.
Mr. Durran added “the Hotel has performed exceptionally well in its first year of calendar year operation in 2019 achieving an average occupancy of 85% 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”.
The Hotel currently features 297 guest rooms and suites, fitness centre, 50 dedicated car parks, restaurant and lobby bar as well as 551sqm of conference and meeting space across seven rooms.
JLL Hotels & Hospitality, 9th December 2020
