Sheraton on the park to move to IHG?

[markis10]

Was reading an interview in the OZ today with the Mulpha MD, they are talking to Starwood about buying the Sheraton which is up for sale, if they do expect it to go to IHG I suspect.

FRESH from reopening luxury Hayman Island resort after an $80 million facelift, Mulpha chairman Seng Huang Lee is on the prowl.


His company is in the running to buy Sydney’s five-star Sheraton on the Park in Elizabeth Street, which owners Starwood Hotels & Resorts have recently put on the market. The price tag: a reported $450m.


“We are always looking for the right opportunity but the price has to be right. It’s still early days, but we are interested,’’ he told The Australian, sipping mineral water at Hayman Island’s Bar 50.


Not that Lee is teetotal. The night before, he was up until the wee small hours and consuming glasses of Bimbadgen wine from the Hunter Valley. He owns the vineyard.

http://www.theaustralian.com.au/bus...979726806?nk=2e01d81a132013ffa3fceb021745567d

 

[boomy]

Too bad, it's my favourite SPG hotel in Australia. Large rooms, great lounge, fantastic service, VERY generous with suite upgrades.

 

[JohnPhelan]

No, Starwood is making a condition of sale that it retains management rights for the next 40 years or something like that. So no change of management/brand, no matter who owns the bricks and mortar.

 

[Isochronous]

No, Starwood is making a condition of sale that it retains management rights for the next 40 years or something like that. So no change of management/brand, no matter who owns the bricks and mortar.

What a relief.

 

[trippin_the_rift]

Its starwoods #1 yielding hotel so they're not about to let it go to another chain.

At 90%+ occupancy each night its not a bad property

 

[Isochronous]

Its starwoods #1 yielding hotel so they're not about to let it go to another chain.

At 90%+ occupancy each night its not a bad property

In Australia or globally?