Continuing with its disposition program, Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it has completed the sale of its interest in the 151-room One Washington Circle Hotel located in Washington, D.C. to The George Washington University. In addition, on December 28, 2000, Starwood completed the sale of the 251-room Four Points Hotel in Hyannis, Massachusetts to H&K Properties, LP. The combined total sales of both properties is approximately $30 million.
“Starwood has and will continue to divest non-strategic assets,” said Ron Brown, Executive Vice President and Chief Financial Officer, Starwood Hotels & Resorts Worldwide. “Proceeds from these sales are targeted for higher yield projects, debt reduction and share repurchase.”
Starwood`s proceeds from total asset sales in 2000, including the two above were 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 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 interval ownership resorts. SOURCE Starwood Hotels & Resorts Worldwide, Inc.