WHITE PLAINS, N.Y., July 19 /PRNewswire/ -- Starwood Hotels & Resorts
Worldwide, Inc. (NYSE: HOT) announced today that Deutsche Bank, Jones Lang
LaSalle and JP Morgan have been retained to market for sale all or a portion
of the Company's hotels within the CIGA portfolio. Starwood plans to sell the
hotels but retain long-term management contracts. The Company has spent
considerable time determining the optimal strategy for maximizing sale
proceeds.
CIGA's assets include the St. Regis Grand and Westin Excelsior in Rome,
Hotel Danieli and Hotel Gritti Palace in Venice, Hotel Principe di Savoia in
Milan, and Grand Hotel in Florence, among others.
"These are museum quality assets, superior to those owned or operated by
our competitive set, that should trade significantly above Starwood's current
multiple," said Ron Brown, Starwood's Chief Financial Officer. "The arbitrage
opportunity inherent in that multiple differential is compelling."
Starwood Hotels & Resorts Worldwide, Inc. 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 and W brands, as well as
Starwood Vacation Ownership, Inc. one of the premier developers and operators
of high quality vacation interval ownership resorts. For further information,
please visit http://www.starwoodhotels.com.
SOURCE Starwood Hotels & Resorts Worldwide, Inc.
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Related links:
http://www.starwoodhotels.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/443150.html
CONTACT:
Dan Gibson of Starwood Hotels & Resorts
Worldwide, Inc., +1-914-640-8175
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