Starwood Completes Sale of Sheraton Fort Lauderdale Airport; Latest Sale Part of Starwood's Overall Strategic Initiative To Reduce Exposure To Owned Real Estate
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Starwood Completes Sale of Sheraton Fort Lauderdale Airport; 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 2005-12-06
Dec. 5, 2005--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today the completion of the sale of the 250-room Sheraton Fort Lauderdale Airport, Fort Lauderdale, FL to HEI Hospitality for $31.95 Million. HEI plans to invest in a complete renovation of the hotel over the next two years and will begin with the meeting space and public areas. The hotel will continue to be flagged as a Sheraton under a long-term license agreement. Starwood expects to use proceeds from the sale for share repurchase and for general corporate purposes.
Ideally located between Miami and the Palm Beaches, the Sheraton Fort Lauderdale Airport hotel is just minutes from Ft. Lauderdale/Hollywood International Airport, Port Everglades, the downtown business district of Ft. Lauderdale and the beautiful sandy beaches.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties. Starwood(R) Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, W(R), Le Meridien(R) and the recently announced Aloft(SM). Starwood Hotels also owns 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.
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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CONTACT: Starwood Hotels & Resorts Worldwide, Inc.
Ellen Gallo, 914-640-8167
ellen.gallo@starwoodhotels.com
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.
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