Starwood is playing musical chairs with its properties in Australia. France's Sofitel brand is set to take over the the Sheraton Noosa in southeast Queensland, while the Four Points by Sheraton will be rebranded as a Hyatt Regency later this year.
The new owners of the Noosa Hotel, Sydney-based investors Arthur Laundy and Greg Karedis, bought the Noosa hotel for $110 million last year, adding to their growing hotel portfolio that includes the Manly Pacific Hotel which they acquired in 2003 for $56 million.
At the same time, Starwood has reportedly picked up the management rights to two new Four Points by Sheraton hotels in Sydney with an estimated 620 rooms between them, as well as a new Westin resort hotel to be developed on a Queensland beach. It will be the country's first beachfront Westin resort.
Other Starwood projects under development include an Aloft by W in Perth, which opens late this year; the Westin Perth that is under construction and the Four Points by Sheraton Docklands in Melbourne that opens at the end of this year. Another project is the W Brisbane that is under construction and will open before the Commonwealth Games.
An Aloft by W is under way in Adelaide, as is a Sheraton hotel.
Source: The Australian