It will be business as usual at Four Points by Sheraton Sydney Central Park, with the hotel to continue its life as a Marriott International property despite confirmation of its purchase by KSL Capital Partners.
The hotel, which opened in late 2018, was reported to have changed hands back in May to an affiliate of KSL Capital Partners, having been purchased from Australian hotel mogul, Dr Jerry Schwartz. While the sale price has remained undisclosed, the price tag is understood to have been in the AUD$150 million ballpark, with the sale facilitated by JLL Hotels and Hospitality Group Managing Director, Mark Durran.
The hotel marks the first investment by KSL Capital Partners affiliates in Sydney and builds on a strengthening portfolio the company is cultivating in this market, which also includes a major stake in Baillie Lodges. The company also owns Outrigger Hospitality Group, which it purchased in 2016.
KSL Capital Partners Vice President, Siddhant Jhunjhunwala, said the company’s primary focus was to invest in high-quality travel and leisure properties with outstanding management teams.
“Sydney is one of the strongest long-term Asia Pacific tourism destinations and has historically outperformed all other Australian gateway cities,” Jhunjhunwala said.
“This is a rare opportunity to expand our portfolio with an upscale, strategically-located asset in this highly sought-after market.”
Four Points by Sheraton Sydney Central Park features 297 guest rooms and suites along with facilities including 500sqm of conference and event space, a fitness centre, restaurant and bar, with approved works in the pipeline seeing an additional 11 new rooms and an outdoor terrace complete with its own distillery.
The hotel is positioned in a part of Sydney which will see significant redevelopment in the coming years as the inner-city precinct evolves to become what the state government touts will be an Australian ‘Tech Central’, home to established and emerging technology innovators.
A major redevelopment adjacent to Central Railway Station and encompassing the existing YHA Central youth hostel will also see home-grown IT leader, Atlassian, as the anchor tenant of an enormous 40-storey timber tower.