Wed, 15 June 2016

Starwood Sells Two Hotels in Florence, Italy

Starwood has sold The St. Regis Florence and the Westin Excelsior Florence to Nozul Hotels & Resorts, the owner of The Gritti Palace, Venice and W Doha Hotel, and a wholly owned subsidiary of Jaidah Holdings for 190 million (approximately US$213 million).

Starwood will continue to operate both the hotels in Florence under the St. Regis and Westin brand flags under new long-term management agreements.

 As we work to prepare for the close of our merger with Marriott International, we continue to vigorously compete in the market, grow our brands, and execute against our strategy to create value for Starwoods shareholders, said Thomas Mangas, Chief Executive Officer of Starwood Hotels & Resorts Worldwide. Asset dispositions remain a key part of that strategy and, following a year where we exceeded our target, we have already disposed of nearly $500 million of assets this year, including this sale, the sale of Hotel Imperial, and the transfer of five properties as part of Vistana Signature Experiences separation from Starwood.

The St. Regis Florence was originally built in 1432 by Filippo Brunelleschi and is considered to be one of the most significant buildings in the city for its artistic and historical value.

 The hotel on the banks of the Arno River was converted from a Luxury Collection to a St. Regis Hotel in November 2011. It features 99 guestrooms, including 19 suites, approximately 6,500 square feet of meeting space, the Iridium Suites Spa My Blend by Clarins and three restaurants and lounges.

Partially renovated in 2014 and again in 2016, the Westin Excelsior Florence features 171 rooms, including 15 suites, approximately 5,700 square feet of meeting space, a fitness center and two food and beverage outlets, including the rooftop bar and restaurant SE-STO on Arno.

Nawaf Jaidah, Executive Vice Chairman of Jaidah Holdings, said, We are very pleased to expand our presence in Italy with Starwood by acquiring these two beautiful properties. The addition of The St. Regis and Westin in Florence to the Gritti Palace in Venice emphasizes our commitment to establish a portfolio of trophy assets in major European destinations.

See other recent news regarding: Starwood, Florence, Italy

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