WHITE PLAINS, N.Y., June 23 /PRNewswire/ -- Starwood Hotels & Resorts
Worldwide, Inc. (NYSE: HOT) announced today that it has completed the
previously announced sale of the Desert Inn Hotel and Casino to Stephen A.
Wynn for approximately $270 million.
"The sale of the Desert Inn completes Starwood's exit from gaming and
enables us to focus on our core global hotel and leisure business," said Barry
S. Sternlicht, Chairman and CEO of Starwood. "This closing brings total asset
sale proceeds since February of 1998 to more than $7.0 billion. Some of these
proceeds were used to complete the strategic tender for the public 30%
minority in CIGA, to acquire the premier independent interval ownership
operator Vistana and share repurchase of more than $700 million. Further, we
have successfully deleveraged our balance sheet with net debt now
approximately $5.3 billion, a significant decrease from approximately $8
billion. This balance sheet strength facilitates our growth strategy and
positions the Company for an investment grade rating."
Starwood Hotels & Resorts Worldwide, Inc., through its St. Regis, Luxury
Collection, Westin, Sheraton, Four Points and W brands, is one of the leading
hotel and leisure companies in the world with more than 700 hotels in 80
countries and 120,000 employees at its owned and managed properties.
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:
Katie Meyer, VP, Public Relations of
Starwood, 914-640-8247
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