Starwood Hotels & Resorts Worldwide has announced that it has closed on the sale for €190 million (approximately US$213 million) of the 118-room St. Regis Florence and the 171-room Westin Excelsior Florence to Qatar’s Nozul Hotels & Resorts, the owner of The Gritti Palace, Venice, and W Doha Hotel, and a wholly owned subsidiary of “Jaidah Holdings.” Starwood will continue to operate the hotels under the St. Regis and Westin brand flags under new long-term management agreements.
“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,” said Thomas Mangas, CEO of Starwood Hotels & Resorts Worldwide. “Asset dispositions remain a key part of that strategy and, following a year where we exceeded our target, we have already disposed of nearly US$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.”
“We see strong interest in our remaining assets from a diverse array of investors worldwide with other potential transaction discussions ongoing,” said Simon Turner, president of Global Development for Starwood.
Dr. Mazen Jaidah, the executive chairman of Jaidah Holdings added, “Based on our long-term value creation strategy, we continue to invest in high quality assets that are resilient to market fluctuations. As with our previous acquisition in Venice, the Florence properties are destinations for their cultural and historical values.”
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