Chinese insurer buys Sydney's Hyde Park Sheraton for A$463m

Sydney

STARWOOD Hotels & Resorts Worldwide has sold its Sheraton hotel in Sydney to China's Sunshine Insurance Group for A$463 million (S$523 million).

Starwood will continue to manage the five-star hotel, overlooking Sydney's Hyde Park, under its current brand, the Stamford, Connecticut-based company said in a statement. It put the hotel up for sale in May, according to a statement at the time from broker Jones Lang LaSalle.