Starwood Hotels Completes Sale of Chicago's Westin O'Hare; Latest Sale Exceeds Starwood's Target to Sell $500 Million Worth of Assets
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Starwood Hotels Completes Sale of Chicago's Westin O'Hare; Latest Sale Exceeds Starwood's Target to Sell $500 Million Worth of Assets
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2005-10-24
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) and its joint venture partner announces that it completed the sale of the 525-room Westin O'Hare for $106 million to JER Partners yesterday, Wednesday, October 18th. Starwood's ownership interest in the joint venture was 48.6%. Westin will continue to manage the hotel. The Westin O'Hare is the only four-star, four-diamond hotel that is just five minutes from O'Hare International Airport.
Since 2003, Starwood has sold more than $1.1 billion worth of assets. The proceeds from this hotel combined with other recent asset sales are part of the $500 million the Company targeted to sell by the end of 2005 and with this sale has now exceeded that goal. The Company expects to use proceeds for share repurchase and for general corporate purposes.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood(R) corporation is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, and W(R), Hotels and Resorts as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com
JER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 24 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe. Most of JER's investments are in office, retail, multi-family and industrial properties. Other areas of investment include Commercial Mortgage-Backed Securities ("CMBS"), hospitality, healthcare related real estate and mezzanine financing. For more information on JER, please visit www.jer.com.
** Please contact Starwood's new, toll-free media hotline at (866) 4-STAR-PR (866-478-2777) for photography or additional information.**
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties include the risk that the transaction itself will not be consummated, that the anticipated benefits of the transaction will actually be realized as well as other risks and uncertainties presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information.)
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