WHITE PLAINS, N.Y., June 27 /PRNewswire/ -- Starwood Hotels & Resorts
Worldwide, Inc. (NYSE: HOT) announced today that it has completed the
acquisition of the minority stub of CIGA S.p.A. for approximately
$300 million. The purchase was funded through short-term borrowings. CIGA
owns some of the world's finest properties including thirteen that were listed
on Conde Nast Traveler's Gold List. CIGA's assets include the St. Regis Grand
and Westin Excelsior in Rome, Hotel Imperial and Hotel Bristol, A Westin Hotel
in Vienna, Hotel Danieli and Hotel Gritti Palace in Venice and Hotel Cala di
Volpe, Hotel Romazzino, Hotel Pitrizza and Hotel Cervo and Conference Center
in Sardinia, among others.
"The CIGA tender was the best way to gain total flexibility to rationalize
our assets consistent with the operations and ownership strategy to maximize
the value of this extraordinary asset base for our shareholders," said Barry
S. Sternlicht, Chairman and Chief Executive Officer of Starwood.
In addition to the 26 hotels owned by CIGA, the Company had a March 31
cash balance of approximately $235 million and little debt.
Starwood, through its subsidiaries, owns, manages and franchises hotels
under its St. Regis, The Luxury Collection, Westin, Sheraton, Four Points and
W brands. Starwood 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:
Dan Gibson of Starwood Hotels & Resorts
Worldwide, Inc., 914-640-8175
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