Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it has completed the acquisition of the minority stub of CIGA S.p.A. for approximately $300 million. The purchase was funded through short-term borrowings. CIGA owns some of the world`s finest properties including thirteen that were listed on Conde Nast Traveler`s Gold List. CIGA`s assets include the St. Regis Grand and Westin Excelsior in Rome, Hotel Imperial and Hotel Bristol, A Westin Hotel in Vienna, Hotel Danieli and Hotel Gritti Palace in Venice and Hotel Cala di Volpe, Hotel Romazzino, Hotel Pitrizza and Hotel Cervo and Conference Center in Sardinia, among others.
“The CIGA tender was the best way to gain total flexibility to rationalize our assets consistent with the operations and ownership strategy to maximize the value of this extraordinary asset base for our shareholders,” said Barry S. Sternlicht, Chairman and Chief Executive Officer of Starwood.
In addition to the 26 hotels owned by CIGA, the Company had a March 31 cash balance of approximately $235 million and little debt.
Starwood, through its subsidiaries, owns, manages and franchises hotels under its St. Regis, The Luxury Collection, Westin, Sheraton, Four Points and W brands. Starwood is one of the leading hotel and leisure companies in the world with more than 700 hotels in 80 countries and 120,000 employees at its owned and managed properties. SOURCE Starwood Hotels & Resorts Worldwide, Inc.