Starwood Hotels & Resorts announces closing on sale of four Hotels to host Hotels & Resorts
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Starwood Hotels & Resorts announces closing on sale of four Hotels to host Hotels & Resorts
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Category: Europe
This is a press release selected by our editorial committee and published online for free on 2006-05-05
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood") announced that it has closed on the sale of four hotels to an affiliate of Host Hotels & Resorts, Inc. (NYSE: HST) ("Host"). These hotels are part of the portfolio of 35 hotels to be sold to Host. The closing of these hotels was deferred as a result of certain notice periods and consents that had not been received prior to the closing of the sale of 28 of the hotels on April 10, 2006. The hotels will remain in the Starwood system and continue to be managed by Starwood under long-term management agreements. The gross proceeds received for these four hotels are approximately $488 million. The hotels included in yesterday's transaction are:
-- Sheraton Skyline Hotel & Conference Centre, Hayes, UK
-- Sheraton Roma Hotel & Conference Centre, Rome, Italy
-- The Westin Palace Madrid, Madrid, Spain
-- The Westin Palace Milan, Milan, Italy.
An additional three hotels were deferred from the first closing and Starwood expects to realize gross proceeds of approximately $203 million upon the sale of these hotels. The hotels are:
-- The Westin Europa & Regina, Venice, Italy
-- Sheraton Fiji Resort, Nadi, Fiji
-- The Westin Royal Denarau Island Resort & Spa, Nadi, Fiji
The total consideration for the six European hotels in the sale portfolio to Host, including the Sheraton Warsaw Hotel & Towers, which closed on April 10, the four hotels which closed yesterday and The Westin Europa & Regina, is approximately $621 million.
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