Starwood Hotels & Resorts Worldwide, Inc. announced today that it has completed the sale of the Sheraton Denver Tech Center Hotel to Clinton Street Investments, LLC an affiliate of The Hotel Group Opportunity Fund II, LLC based in Edmonds, Washington for $11.5 million. The 263-room Sheraton Denver Tech Center Hotel located in Engelwood, Colorado will remain in Sheraton’s portfolio as a franchise property managed by The Hotel Group.
Since 2003, Starwood has sold more than $1.1 billion worth of assets. The $11.5 million from this latest sale is part of an additional $500 million the Company intends to sell by the middle of 2005. The Company expects to use proceeds for share repurchase and for general corporate purposes.