Starwood Sells St. Regis New York's Retail Space for $117 Million
NOVEMBER 5, 2009 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the Company has closed on the sale of 24,700 square feet of retail space at the St. Regis New York.
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the Company has closed on the sale of 24,700 square feet of retail space at the St. Regis New York to GFC Fifth Avenue LLC, an investment group led by the Chera family's Crown Acquisitions, Lloyd Goldman and the Feil Organization. The sales price of $117 million represents a 5% cap rate on anticipated 2009 NOI.
Sale proceeds will go towards additional debt paydown.
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