Starwood Completes Sale of Two Florence Hotels
PHOTO: Florence, Italy. (photo courtesy of Thinkstock)
Starwood Hotels & Resorts Worldwide has completed the sale of two hotels in Florence, Italy in a deal valued at $213 million, the company announced Tuesday.
Jaidah Holdings subsidiary Nozul Hotels & Resorts purchased the St. Regis Florence and the Westin Excelsior Florence, adding to a portfolio that includes the Gritti Palace, Venice and the W Doha Hotel.
Despite the sale, Starwood said it will continue to operate the hotels under their current brand flags as part of new long-term management agreements.
The rearranging of assets is part of a larger plan aimed at improving shareholder value.
"As we work to prepare for the close of our merger with Marriott International, we continue to vigorously compete in the market, grow our brands, and execute against our strategy to create value for Starwood’s shareholders," said Starwood CEO Thomas Mangas in a statement.
"Asset dispositions 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 this year, including this sale, the sale of Hotel Imperial, and the transfer of five properties as part of Vistana Signature Experiences' separation from Starwood," Mangas added.
In his own statement, Starwood's president of global development Simon Turner said "we see strong interest in our remaining assets from a diverse array of investors worldwide with other potential transaction discussions ongoing."
READ MORE: A Mini-Guide to Florence, Italy
Housed inside of a historic building dating back to 1432, the five-star St. Regis Florence was converted from a Luxury Collection property in November 2011 and boasts 99 guestrooms, a spa and a trio of restaurants and lounges.
Another five-star property, the Westin Excelsior Florence received a partial renovation as recently as this year. Highlights of the hotel include a rooftop bar and restaurant as well as WestinWORKOUT fitness center.
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