Starwood sells two properties
Starwood Hotels & Resorts Worldwide has announced the sale of St. Regis Florence and Westin Excelsior Florence, to Nozul Hotels & Resorts, a subsidiary of Jaidah Holdings. The €190 million deal will see Starwood continue to operate the hotels under the St. Regis and Westin brand flags as part of new long-term management agreements.
The St. Regis Florence was originally built in 1432, by Filippo Brunelleschi, and was converted to a St. Regis Hotel in November 2011. It features 99 guestrooms, including 19 suites, approximately 6,500ft2 of meeting space, a spa, plus three restaurants and lounges.
Partially renovated in 2014, and again in 2016, The Westin Excelsior Florence features 171 guestrooms, including 15 suites, approximately 5,700ft2 of meeting space, a fitness centre and two food and beverage outlets, including the rooftop bar and restaurant SE-STO on Arno.
Thomas Mangas, Chief Executive Officer of Starwood Hotels & Resorts Worldwide, comments: “As we work to prepare for our merger with Marriott International, we continue to vigorously compete in the market, grow our brands, and execute our strategy to create value for Starwood’s shareholders. Asset disposition remain a key part of that strategy and, following a year where we exceeded our target, we have already disposed of nearly $500 million of assets, including this sale, the sale of Hotel Imperial, and the transfer of five properties as part of Vistana Signature Experiences’ separation from Starwood.”
Mazen Jaidah, Executive Chairman of Jaidah Holdings states: “Based on our long-term value creation strategy, we continue to invest in high quality assets that are resilient to market fluctuations. As with our previous acquisition in Venice, the Florence properties are destinations notable for their cultural and historical values.”
Nozul Hotels & Resorts currently owns Gritti Palace, Venice and W Doha Hotel.
