Marriott Opens Sheraton hotel in Sydney's $2bn Central Park

Sydney's hotel market is expanding thanks to the opening of Sheraton’s Four Points hotel, the latest addition to the $2 billion Central Park development.

The new $150-million Hotel, offers 297 rooms, including two luxury suites, a modern restaurant and more than 553 sq metres of function space.

Frasers Property Australia and Sekisui House Australia are joint venture partners behind the multi-billion dollar Central Park precinct.

The 15,000sq m building, at 88 Broadway Chippendale, is currently owned by the JV partners and will be transferred over to hotel magnate Jerry Schwartz in October this year.

Schwartz secured the Sydney hotel from fund manager Impact Investment Group mid-last year for $156 million.

Related: Chippendale Set to Receive $100 Million Boutique Hotel

In April 2017, Impact Investment Group entered into put and call options with Frasers and Sekisui for the hotel and a six level commercial building at 100 Broadway for about $190 million.

IIG is now selling its interest in the 100 Broadway office building with price expectations of more than $70 million.

The building has a 15-year pre-lease commitment from the University of Technology Sydney.

Earlier this year, the Greater Sydney Commission awarded Central Park its "Great New Place to Live and/or Work" prize, due to the precinct’s investment in green and sustainable technology.

The award was largely due to 93 per cent of all demolition waste from the precinct development already being recycled.

Frasers Property Australia project director Mick Caddey said the vision was to create a vibrant urban space along with sustainability practices that will “minimise the hotel’s carbon footprint for years to come”.

The hotel holds a 5-star Green Star Rating.