Starwood Hotels Completes Sale of the Westin Philadelphia; Latest Sale Begins Starwood's Plan to Sell $2-4 Billion Worth of Assets over the Next 12 Months
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Starwood Hotels Completes Sale of the Westin Philadelphia; Latest Sale Begins Starwood's Plan to Sell $2-4 Billion Worth of Assets over the Next 12 Months
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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 2005-11-10
Nov. 9, 2005--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announces that it completed the sale of the 290-room Westin Philadelphia for $89 million to HEI Hospitality yesterday, Tuesday, November 8th. The hotel will continue to fly the Westin flag under a long-term franchise agreement and Merritt Hospitality, a wholly owned subsidiary of HEI Hospitality, will operate the hotel. The 14-story property, which opened as a Ritz-Carlton in 1990, later converting to the Westin flag in 1999, is located at 17th and Chestnut Streets in a mixed-use complex that anchors the Philadelphia skyline with direct access to the upscale shops and boutiques at Liberty Place. HEI Hospitality expects to invest up to an additional $10 million to renovate the property.
The proceeds from the sale of this hotel begins Starwood's recently announced plan to sell $2-$4 billion in assets over the next 12 months beyond the $500 million that was already sold this year. 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
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(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 are 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, future events or otherwise.)
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Ellen Gallo, 914-640-8167
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.
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