Starwood is pressing ahead with its ‘asset light’ strategy after the money it’s raised from property disposals in the past three years breached USD1.5 billion with the USD399m sale of Sheraton on the Park  in Sydney to the Sunshine Insurance Group of China.

“We’re continuing to see strong investor interest around the world for our remaining assets, and remain committed to find the right owners and partners while securing long-term management contracts in order to create value for our shareholders,” said Simon Turner, President of Global Hotel Development for Starwood.

This latest deal is typical of what Starwood is attempting to achieve – Sheraton will continue to operate the property under what is believed to be a 50-year contract.

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