Starwood Completes Sale of Sheraton Fort Lauderdale Airport
Latest Sale Part of Starwood's Overall Strategic Initiative to Reduce Exposure to Owned Real Estate
WHITE PLAINS, NY, December 05, 2005. Starwood Hotels & Resorts Worldwide, Inc. 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.
(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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