Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) through its wholly-owned affiliate, announced today that it has completed the acquisition of the remaining 50% interest in the 1,377-room Sheraton Centre Toronto in Ontario, Canada for CDN $75 million (approximately $48 million USD). The hotel was purchased from Metropolitan Marine Way Investments, Ltd., an affiliate of MetLife. Starwood already owned 50% of this asset before completion of this acquisition.
The Sheraton Centre Toronto Hotel is conveniently located in the heart of Toronto`s financial, entertainment and live theatre districts. The hotel is directly connected to six miles of underground shops and services as well as the impressive Toronto Eaton Centre shopping mall. Local tourist attractions such as SkyDome, the Air Canada Centre, CN Tower, Metro Toronto Convention Centre and Hockey Hall of Fame are within easy walking distance. Major theatrical venues, including The Princess of Wales Theatre, the Royal Alexandra, Elgin Theatre, Wintergarden and Hummingbird Centre for the Performing Arts are also a short stroll from the hotel. Toronto City Centre Airport and Pearson International Airport are 5 kilometers and 26 kilometers respectively from the hotel.
One of the largest hotels in Canada, the Sheraton Centre Toronto Hotel features two restaurants, two lounges, 25-metre indoor/outdoor pool, a full service spa, supervised play/activity center for children and 2.5 acres of waterfall gardens and terraces. Guests staying on the Club Level of the hotel enjoy the 43rd floor Club Lounge with panoramic views of Toronto to the south and north. The hotel caters to conferences and conventions, individual business travelers and leisure guests who can redeem their stays for points in the Starwood Preferred Guest(R) program. Business travelers and convention groups can take advantage of the hotel`s 36 meeting rooms incorporating more than 84,000 square feet of flexible meeting space.
The Sheraton Centre Toronto Hotel has been the recipient of several travel industry trade magazine awards. The hotel is the only Canadian hotel awarded “Gold Key Award—Hall of Fame” status by Meetings & Conventions magazine and is a 14-year recipient of the coveted Pinnacle Award from Successful Meetings magazine.
More information on the Sheraton Centre Toronto Hotel is available from any travel agent or Starwood sales office, by phoning the toll-free reservations number (800-325-3535) or by visiting the Sheraton website at http://www.sheraton.com.
Sheraton Hotels and Resorts has more than 375 hotels in 67 countries and is the largest brand of Starwood Hotels and Resorts Worldwide, Inc. Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) 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. For more information, please visit us at http://www.starwoodhotels.com.