Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) recently sold three non-strategic assets for a total of approximately $16 million. The Company also has two more hotels under contract, for an estimated $30 million. According to Ron Brown, Starwood`s chief financial officer, the assets sold and under contract are properties that are not strategic to the company`s various brands.
“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.”
The three recent asset sales include the Glenarm Building, Denver, CO; the Best Western, Albuquerque, NM; and the Four Points Hotel, Albany, GA. The two additional properties currently under contract for a total of $30 million are expected to close by year-end 2000 and first quarter 2001, respectively. Following the close of these transactions, Starwood`s proceeds from total asset sales in 2000 will be over $400 million. More than $7 billion in non-strategic asset sales have been completed since the Company`s acquisition of ITT Sheraton in 1998.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 725 properties in 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully-integrated owner, operator and franchiser 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 ownership resorts. For more information, please visit the company`s web site at http://www.starwoodhotels.com. SOURCE Starwood Hotels & Resorts Worldwide