Starwood Hotels Completes Sale of the Westin Princeton; Latest Sale Part of Starwood's Overall Strategic Initiative To Reduce Exposure To Owned Real Estate
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Starwood Hotels Completes Sale of the Westin Princeton; Latest Sale Part of Starwood's Overall Strategic Initiative To Reduce Exposure To Owned Real Estate
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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 2005-11-17
Nov. 16, 2005--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announces that it completed the sale of the 294-room Westin Princeton for $53.5 million to Highland Hospitality Corporation on Monday November 15, 2005. The hotel will continue to fly the Westin flag under a long-term franchise agreement and Crestline Hotels & Resorts will operate the hotel. Situated in the upscale, suburban Forrestal Village, the hotel is surrounded by fine boutiques and restaurants. Key to the location of the property is its proximity to many Fortune 500 companies such as Dow Jones & Company, Merrill Lynch, Johnson & Johnson and others. 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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