The acquisition of Sydney's iconic Sheraton on the Park by China's Sunshine Insurance Group Corporation (SIG) has broken the record for the biggest hotel purchase in Australia.

JLL’s Hotels & Hospitality Group announced that the 557-room five-star hotel had been sold by US owner Starwood to Sunshine Insurance for a whopping $463 million – the largest amount paid for the acquisition of a single-asset hotel. According to JLL, the sale is “a milestone transaction for the Australian…