Starwood has agreed to sell The Westin Excelsior
Rome to Katara Hospitality for €222 million (US$251 million).
As part of the deal, the historic hotel will be
renovated in the next five years, including a top-to-bottom
transformation of all guestrooms, as well as upgrades to the
hotel’s public areas.
Additionally, as has been the case with other
recent sales of Starwood hotel assets, the property will continue
to be operated by Starwood under a new long-term management
Adam Aron, CEO of Starwood on an interim basis,
said, “On the heels of our recent high-profile sales of
The Gritti Palace, along with other hotel asset
transactions, the sale of the Westin Excelsior Rome brings us to
$817 million of hotel assets sold so far this year. Accordingly,
Starwood has now exceeded our stated goal of completing at least
$800 million in hotel asset sales by the end of 2015.”
Opened in 1906, The Westin
Excelsior Rome boasts a premium location on Via Veneto, one of
Rome’s most celebrated streets.
Nestled between the Spanish Steps
and the Borghese Gardens & Gallery, the316-room
hotel is adjacent to the American Embassy and close to all of
Rome’s leading attractions, including the Coliseum, the Pantheon
and the Sistine Chapel.
Hotel amenities include two restaurants
and a bar, a WestinWorkout Fitness Studio, Kami Wellness Center,
an indoor pool and a 24-hour business center.
With 14,000 square
feet of meeting space, The Westin Excelsior Rome is also a
leading venue for wedding banquets, government delegations and
marks our third property in Italy. The Westin Excelsior Rome is
the epitome of what Katara Hospitality looks for in a hotel,” said
Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani, Chairman of Katara
Hospitality. “Its grand and statuesque appearance is
the ultimate in luxurious hospitality. The hotel is a welcome
addition to our growing global portfolio of iconic properties, and
we are delighted to be continuing to set the standard for luxury
hospitality the world over.”
The transaction increases
Katara Hospitality’s portfolio to 35 properties in operation or
under development and marks its third owned hotel in Italy.
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