Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it has signed an exclusive letter of intent to sell its assets in Sardinia, Italy to a consortium of Italian investors for EUR 350 million, subject to regulatory approvals and final adjustments.
The transaction is scheduled to close during the fourth quarter of 2002. Starwood`s Sardinian assets, part of the CIGA portfolio of luxury hotels and resorts, include the Hotel Pitrizza, Hotel Romazzino, Hotel Cala di Volpe, the Cervo Hotel and Conference Center, and the Pevero Golf Course, as well as other real estate assets. Starwood will continue to manage the hotels and golf course under long-term management contracts and will receive participation in future development should approvals be secured.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 740 properties in more than 80 countries and 110,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwood.com
The buyer consortium is made up of investors from Sardinia (Societa Finanziaria Industriale Rinascita Sardegna, Istituto Turistico Italiano, Istituto Turistico Immobiliare, Iniziative Finanziarie Immobiliari) and from the Veneto region in Northern Italy (Forma Urbis, the De Rigo family, and 2g Properties).
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