Sheraton Suites Key West Sold to Ocean Properties for $35.8 Million; Hotel Remains in Starwood Portfolio Under Long-Term Franchise Agreement
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Sheraton Suites Key West Sold to Ocean Properties for $35.8 Million; Hotel Remains in Starwood Portfolio Under Long-Term Franchise Agreement
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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 2006-03-03
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announces the sale of the Sheraton Suites Key West in Florida to Ocean Properties for $35.85 million. The hotel will become a Sheraton franchise and will be managed by an affiliate of Ocean Properties. The 180 suite hotel is Key West's only all-suite hotel and will be completely renovated by Ocean Properties.
Located across from Smathers Beach and just one-mile from Key West International Airport, the hotel is a brief shuttle away from historic Duval Street in Old Downtown Key West. Amenities include a lagoon swimming pool and fitness center, as well as access to all watersports, diving, snorkeling and fishing with a nearby golf course.
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