Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) recently sold four non-strategic hotels for a total of approximately $34 million. The Company has also signed letters of intent on four more hotel sales, for an estimated additional $35 million. According to Ron Brown, Starwood`s CFO, the hotels sold and under contract are properties that are not strategic to the company`s various brands which include Westin, Sheraton, St. Regis, The Luxury Collection, Four Points and W Hotels.
“Starwood has and will continue to divest non-strategic assets,” said Brown. “Proceeds from these sales are targeted for higher yield projects, debt reduction and share repurchase.” Recent hotel asset sales include:
* Four Points Wichita, Kansas
* Tara Merrimack, New Hampshire
* Hermitage, Nashville, Tennessee
* Edmond Meany, Seattle, Washington
Since the beginning of 2000, Starwood has realized proceeds of $359 million from asset sales. More than $7 billion in asset sales have been completed since the acquisition of ITT Sheraton in 1998.
Starwood Hotels & Resorts Worldwide, Inc., through its St. Regis, Luxury Collection, Westin, Sheraton, Four Points and W brands, is one of the leading hotel and leisure companies in the world with more than 725 hotels in 80 countries and 120,000 employees at its owned and managed properties. SOURCE Starwood Hotels & Resorts Worldwide, Inc.