Home Hotel management KSL confirms purchase of Four Points Sydney Central Park

KSL confirms purchase of Four Points Sydney Central Park

2
0

Business will be business as usual at the Four Points by Sheraton Sydney Central Park, with the hotel continuing its life as a Marriott International property despite confirmation of its purchase by KSL Capital Partners.

The hotel, which opened in late 2018, reportedly changed hands in May to become a subsidiary of KSL Capital Partners, after it was bought from Australian hotel mogul Dr Jerry Schwartz. Although the sale price was not disclosed, the price was reportedly in the order of A $ 150 million, with the sale facilitated by JLL Hotels and Hospitality Group chief executive Mark Durran.

The hotel marks the first investment of KSL Capital Partners’ subsidiaries in Sydney and builds on a strengthening portfolio that 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.

The hotel has 297 rooms, with approval granted for the addition of 11 more.

KSL Capital Partners Vice President Siddhant Jhunjhunwala said the main focus of the company is to invest in high quality travel and leisure properties with outstanding management teams.

“Sydney is one of the strongest long-term tourism destinations in the Asia-Pacific region and has historically outperformed all other Australian gateway cities,” said Jhunjhunwala.

“This is a rare opportunity to expand our portfolio with a high-end asset strategically located in this highly sought-after market. “

The nearby railway plaza will be redeveloped to accommodate Sydney’s new “Tech Central” district.

Four Points by Sheraton Sydney Central Park has 297 guest rooms and suites as well as facilities including 500m² of conference and event space, a fitness center, restaurant and bar, with approved work in preparation , 11 additional new bedrooms and an outdoor terrace with its own distillery.

The hotel is located in a part of Sydney that will see significant redevelopment in the coming years as the inner city area evolves into what the state government claims to be an Australian ‘Tech Central’ home. established and emerging technology innovators.

A major redevelopment adjacent to Central Station and encompassing the existing YHA Central hostel will also see local IT leader Atlassian as the main tenant of a massive 40-story wooden tower.


Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here