Starwood sell Westin Princeton

Starwood has announced that it completed the sale of the 294-room Westin Princeton for $53.5 million to Highland Hospitality Corporation.The hotel will continue to fly the Westin flag under a long-term franchise agreement and Crestline Hotels & Resorts will operate the hotel. Situated in the upscale, suburban Forrestal Village, the hotel is surrounded by fine boutiques and restaurants. Key to the location of the property is its proximity to many Fortune 500 companies such as Dow Jones & Company, Merrill Lynch, Johnson & Johnson and others. The Company expects to use proceeds for share repurchase and for general corporate purposes.
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