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After using up all of his spare cash to make it through the pandemic, hotel mogul Jerry Schwartz has put one of the crown jewels of his portfolio, the Four Points by Sheraton near Sydney s Central Station, up for sale as an insurance policy should another lockdown occur.
The 297-room, 4.5-star hotel within the $2 billion Central Park precinct in Chippendale was acquired off the plan by the former Financial Review Rich Lister in July 2017 for $156 million from the Liberman family-backed fund manager Impact Investment Group and began trading in late 2018.
Jerry Schwartz: By putting money aside [and selling the Four Points by Sheraton] it means I will be ready to reinvest again as soon as the time is right.