Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) has signed a binding agreement to sell the 296-room Sheraton North Charleston Hotel to Cary, North Carolina-based Main Street Hotel, LLC. The sale, which is subject to standard closing conditions, is expected to occur during the fourth quarter. The hotel, which will undergo a renovation, will continue to fly the Sheraton flag under a franchise agreement, and will be renamed the Sheraton Hotel North Charleston - Convention Center. The hotel will be managed by Cary, North Carolina-based First American Hotels, Inc.
Proceeds from this sale, coupled with other hotel sales in North America and Italy announced previously this year, will total more than $1.1 billion and will be used to retire existing debt and for other general corporate uses.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 740 properties in more than 80 countries and 105,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor 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 www.starwood.com.
For more information on First American Hotels, Inc., please visit www.firstamericanhotels.com
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