Hotelier Jerry Schwartz has put the Four Points by Sheraton Sydney, Central Park on the market as he looks to shore up finances in case of another lockdown.
Schwartz bought the new build hotel located in Chippendale for $156 million in 2017. The 4.5-star hotel is expected to sell for more than $180 million.
Speaking to The Australian Financial Review, he said it was “prudent to deleverage”.
“All my spare cash flow has been used up or been put aside to pay for finance charges, if things do go bad,” he said.
“But by putting money aside it means I will be ready to reinvest again as soon as the time is right.”
Schwarz has 15 hotels in his portfolio and is optimistic he will be back to acquiring hotels again after the pandemic ends.
“I expect I will make a good profit on this hotel which will help me in the future,” he said.
Prior to the pandemic, the 297-room hotel recorded an average occupancy of 85 per cent.