Starwood Completes Sale of Two Hotels in New York

Starwood Hotels & Resorts has completed the sale of the 198-room W New York - The Court and the 122-room W New York - The Tuscany for $78 million to St. Giles Hotels, LLC, a hotel owner and operator, operating under the St Giles Hotel's new contemporary brand. The two hotels, both located on 39th Street near Lexington Avenue, will now no longer be affiliated with the W Hotels brand or Starwood Hotels & Resorts.

W The Court and W The Tuscany debuted as W Hotels in 1999 and were among the W brand's first properties. Today, Starwood has four W Hotels in the New York metro area, including W New York, W New York - Times Square, W New York - Union Square and W Hoboken. New York City, the birthplace of the W brand, continues to be a priority for the company, and this summer, W will debut the new 217-room W New York - Downtown.

 "Starwood is fortunate to own numerous world-class assets. Over time we will continue to methodically review our property ownership positions and seek ways to enhance our brands and evaluate our real estate positions with the overriding objective of maximizing shareholder value. That could include unlocking real estate value by selling certain assets," said Simon Turner, President of Global Development, Starwood Hotels & Resorts. "In the vast majority of cases, when we sell an asset, we will continue to manage the property on a long term basis. However, in the case of W The Court and W The Tuscany, given that we have a significant, high profile and growing footprint in New York City combined with the evolution of the W brand, we made the decision to sell these legacy hotels without the W flag."

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