Starwood terms $4.23 billion sale a major milestone
Starwood Hotels & Resorts Worldwide closed on a sale of 28 hotels for $4.23 billion to Host Marriott Corporation, a move termed a “major milestone.”
Starwood announced the hotels include Sheraton, W, Westin, St. Regis and Luxury Collection brands.
The hotels will remain in the Starwood system and will continue to be managed by that company under long-term management agreements.
The closing of seven more hotels in Europe was deferred “as a result of certain notice periods and consents that have not yet lapsed or been received,” the company said.
“We have entered into great, long-term management contracts on these hotels with an excellent partner,” said Steven J. Heyer, CEO of Starwood.
Almost two thirds of the proceeds of the sale or $2.8 billion was returned directly back to stockholders.
“This transaction represents a major milestone as we evolve our business to balance asset ownership with our fee based business, while continuing to drive growth in our vacation ownership business,” Mr Heyer said.
He said the move has created a higher growth, more capital and less cyclical business.
Report by David Wilkening
David
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