WHITE PLAINS, N.Y., Jan. 26 /PRNewswire/ -- Continuing with its
disposition program, Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT)
announced today that it has completed the sale of its interest in the 151-room
One Washington Circle Hotel located in Washington, D.C. to The George
Washington University. In addition, on December 28, 2000, Starwood completed
the sale of the 251-room Four Points Hotel in Hyannis, Massachusetts to H&K
Properties, LP. The combined total sales of both properties is approximately
$30 million.
"Starwood has and will continue to divest non-strategic assets," said Ron
Brown, Executive Vice President and Chief Financial Officer, Starwood Hotels &
Resorts Worldwide. "Proceeds from these sales are targeted for higher yield
projects, debt reduction and share repurchase."
Starwood's proceeds from total asset sales in 2000, including the two
above were over $400 million. More than $7 billion in non-strategic asset
sales have been completed since the Company's acquisition of ITT Sheraton in
1998.
Starwood is one of the leading hotel and leisure companies in the world
with more than 725 properties in 80 countries and 120,000 employees at its
owned and managed properties. With internationally renowned brands, Starwood
is a fully integrated owner, operator and franchiser 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.
SOURCE Starwood Hotels & Resorts Worldwide, Inc.
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Related links:
http://www.starwoodlodging.com
Company News On-Call:
http://www.prnewswire.com/comp/443150.html or fax,
800-758-5804, ext. 443150
CONTACT:
Dan Gibson, Senior Vice President, Corporate
Affairs of Starwood Hotels & Resorts Worldwide, Inc.,
914-640-8175, or dan.gibson@starwoodhotels.com
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