Starwood Hotels & Resorts Worldwide announced today that it has completed the sale of the 193-room St. Regis Hotel, Washington, D.C. to a joint venture between Brickman Associates and New Valley Corporation for $47 million. The hotel will continue to be managed by St. Regis Hotels & Resorts and will remain in the St. Regis brand portfolio. Built in the style of an Italian Renaissance palace and richly appointed with European antiques, the hotel has been a stopping place for visiting royalty, presidents, and international dignitaries since its opening in 1926. A multi-million dollar renovation of the hotel is planned by the new owners subsequent to the sale.
St. Regis Hotel, Washington, D.C. is located two blocks from The White House and is convenient to galleries, museums, monuments, and other Capital attractions. Conde Nast has awarded the hotel to its Gold List four years in a row.
Since 2003, Starwood has sold more than $1.5 billion worth of assets. The proceeds from this hotel combined with other asset sales since 2004 totals more than $470 million, part of the $500 million the Company intends to sell by the end of 2005. The Company expects to use proceeds for share repurchase and for general corporate purposes.