Philly Westin Kicks Off Asset Sale
PHILADELPHIA, PA, November 10, 2005. Starwood Hotels has announced the completed sale of the 290-room Westin Philadelphia for $89 million to HEI Hospitality.
The hotel will continue to fly the Westin flag under a long-term franchise agreement and Merritt Hospitality, a wholly owned subsidiary of HEI Hospitality, will operate the hotel. The 14-story property, which opened as a Ritz-Carlton in 1990, later converting to the Westin flag in 1999, is located at 17th and Chestnut Streets in a mixed-use complex that anchors the Philadelphia skyline with direct access to the upscale shops and boutiques at Liberty Place. HEI Hospitality expects to invest up to an additional $10 million to renovate the property.
The proceeds from the sale of this hotel begins Starwood's recently announced plan to sell $2-$4 billion in assets over the next 12 months beyond the $500 million that was already sold this year. The Company expects to use proceeds for share repurchase and for general corporate purposes.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
