Starwood closes sale of St Regis Florence and Westin Excelsior

 21 Jun 2016 - 0:45

Starwood closes sale of St Regis  Florence and Westin Excelsior
Starwood officials at the sale ceremony.

 

 

Doha: Starwood Hotels & Resorts Worldwide, Inc yesterday announced that it has closed on the sale of The St. Regis Florence and The Westin Excelsior Florence to Nozul Hotels & Resorts, the owner of The Gritti Palace, Venice and W Doha Hotel, and a wholly owned subsidiary of “Jaidah Holdings” for €190m ($213 m). Starwood will continue to operate the hotels under the St. Regis and Westin brand flags under new long-term management agreements.
Thomas Mangas, Chief Executive Officer of Starwood Hotels & Resorts Worldwide, Inc. said, “As we work to prepare for the close of our merger with Marriott International, we continue to vigorously compete in the market, grow our brands, and execute against our strategy to create value for Starwood’s shareholders.  Asset dispositions remain a key part of that strategy and, following a year where we exceeded our target, we have already disposed of nearly $500 million of assets this year, including this sale, the sale of Hotel Imperial, and the transfer of five properties as part of Vistana Signature Experiences’ separation from Starwood.”
Simon Turner, President of Global Development for Starwood said “The sale of The St. Regis Florence and The Westin Excelsior Florence hotels following our recent sale of The Gritti Palace in Venice to Jaidah Holdings highlights our ongoing commitment to dispose of our owned assets to the right long-term partners to create both immediate and long-term shareholder value. We see strong interest in our remaining assets from a diverse array of investors worldwide with other potential transaction discussions ongoing.”

The Peninsula