Starwood Hotels & Resorts continues asset-light strategy with sale of The St. Regis, Rome (Italy)
The Iconic St. Regis Hotel in Rome will Continue to be Operated by Starwood Hotels Under a Long-Term Management Contract |
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Starwood Hotels & Resorts continues asset-light strategy with sale of The St. Regis, Rome (Italy)
The Iconic St. Regis Hotel in Rome will Continue to be Operated by Starwood Hotels Under a Long-Term Management Contract |
Category: Europe - Italy - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2014-10-21
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has sold The St. Regis, Rome to subsidiaries of Constellation Hotels Holding Limited (“Constellation”) for €110 million (approximately $150.7 million USD). Starwood will continue to operate the hotel under the St. Regis brand flag as part of a new long-term management agreement.
“The sale of The St. Regis, Rome further advances Starwood’s asset-light strategy as we continue to seek the right owners and partners to create value for our shareholders and focus on growing our global fee business, and we are delighted to collaborate with Constellation Hotels Holding to ensure the future success of this extraordinary hotel,” said Simon Turner, President of Global Development for Starwood. “With the benefit of favorable market conditions, we are seeing strong interest in our remaining assets from a broad array of investors around the world.”
“We are delighted to partner with Constellation who shares our vision for The St. Regis, Rome which has always been one of the brand’s most iconic properties,” said Michael Wale, President, Europe, Africa and the Middle East for Starwood. “For nearly 15 years, the St. Regis in Rome has delivered unparalleled luxury experiences in a magnificent architectural setting and we are thrilled to build on the brand’s storied legacy to welcome travelers at this landmark property for many years to come.”
“The St. Regis, Rome is an outstanding addition to our growing global portfolio of world-class assets in the world’s most desirable destinations,” said Zaki El Guiziri, CEO of Constellation. “Building on its rich legacy, The St. Regis caters to the next generation of luxury travelers with its uncompromising elegance, modern amenities and bespoke service. I take this opportunity to express our thanks to our advisors Hogan Lovells and BNP Paribas for their assistance in the closing of the transaction."
The St. Regis, Rome was originally opened as the Grand Hotel in 1896 by renowned hotelier César Ritz. Following a $35 million refurbishment completed in 2000, The St. Regis, Rome became the first St. Regis hotel to open in Europe and won many prestigious awards. Subject to obtaining the required administrative authorizations, Constellation Hotels Holding will complete further renovations to The St. Regis, Rome, including upgrades to all 161 guestrooms and suites and a redesign of the restaurant and lounge. In addition, improvements will be made to the hotel’s lobby, meeting space, business center and exterior façade.
Ideally located at Via Vittorio Emanuele Orlando 3, The St. Regis, Rome overlooks the Piazza della Repubblica in central Rome. It is within walking distance of the celebrated Via Veneto district of Rome and close to numerous landmarks, including Santa Maria della Vittoria, Sainta Susanna at the baths of Diocletian, Fountain of Moses, St. Mary of the Angels and the Martyrs, The National Museum of Rome and Via Nazionale.
About St. Regis Hotels & ResortsCombining classic sophistication with a modern sensibility, St. Regis is committed to delivering exceptional experiences at over 30 luxury hotels and resorts in the best addresses around the world. Since the opening of the first St. Regis Hotel in New York City over a century ago by John Jacob Astor IV, the brand has remained committed to an uncompromising level of bespoke and anticipatory service for all of its guests, delivered flawlessly by signature St. Regis Butler Service. From Bal Harbour to Bangkok, Saadiyat Island to Shenzhen, the St. Regis brand caters to a new generation of luxury travelers and continues to thoughtfully build its portfolio in the most sought after destinations at the heart of today’s grand tour. Plans for the brand to expand its legacy include much-anticipated St. Regis Hotels & Resorts in Asia, where St. Regis has announced plans to open hotels in Changsha, Chengdu, Haikou, Kuala Lumpur, Lijiang, Macao, Qingshui Bay, Sanya Haitang Bay and Zhuhai. Additionally in Europe and the Middle East, St. Regis will continue to expand in Amman, Dubai and Istanbul. For more information on St. Regis Hotels & Resorts, please visit www.stregis.com, for the privilege of residential ownership, please visit www.stregis.com/residences, and to learn how the brand celebrates the art of play visit www.stregis.com/familytraditions. Connect with St. Regis on Facebook, Instagram, Pinterest, Twitter, and YouTube.
About Starwood Hotels & Resorts Worldwide, Inc.Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with nearly 1,200 properties in 100 countries, and 181,400 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis, The Luxury Collection, W, Westin, Le Méridien, Sheraton, Four Points by Sheraton, Aloft, and Element. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier provider of world-class vacation experiences through villa-style resorts and privileged access to Starwood brands. For more information, please visit www.starwoodhotels.com.
About Constellation Hotels Holding LimitedConstellation is a Luxembourg-based holding company, whose main focus is the long-term investment and development of real estate and hotels across the globe. Constellation currently holds a portfolio of five-star hotels and office buildings in the US and the main European capitals.
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