Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that its wholly-owned subsidiary, ITT MSG, Inc., had reached an agreement to allow Starwood to accelerate the exercise of its right with respect to its remaining interest in Madison Square Garden, L.P. An affiliate of Cablevision Systems Corporation (ASE:CVC) will purchase the interest for net proceeds of $87 million. The transaction is anticipated to close in April. Proceeds will be used to pay down debt balances.
Starwood Hotels & Resorts Worldwide, Inc., through its Sheraton, Westin and Caesars subsidiaries, is one of the leading hotel and gaming operating companies in the world. The company owns, operates and franchises approximately 700 hotels in 72 countries and has over 125,000 employees.