Starwood's Asset Sale to Host Nears Completion
4 More Closings
WHITE PLAINS, NY, May 5, 2006. Nearly one month after Starwood Hotels & Resorts, Worldwide, Inc. closed on the sale of 28 of the 35 properties it originally agreed to sell to Host Hotels & Resorts, Inc., another four hotels in the group have made their way to Host's portfolio. 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 the first 28 properties in the overall portfolio disposition.
All of the hotels are located in Europe and include the Sheraton Skyline Hotel & Conference Centre in Hayes, United Kingdom; Sheraton Roma Hotel & Conference Centre in Rome; Westin Palace Madrid in Madrid, Spain; and Westin Palace Milan in Milan, Italy. Starwood received $488 million in proceeds from the disposition of the four hotels. Starwood will also continue to manage the assets.
Meanwhile, three other hotels are awaiting their final sale to Host. They include the Westin Europa & Regina in Venice, Italy; Sheraton Fiji Resort in Nada, Fiji; and Westin Royal Denarau Island Resort & Spa in Nada, Fiji. These hotels should fetch Starwood $203 million upon their sale to Host.
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