Starwood sells Westin Excelsior Rome
Starwood agrees to sell The Westin Excelsior Rome to Katara Hospitality for ?222 million.
As part of the deal, the historic hotel will be renovated in the next five years, including a top-to-bottom transformation of all guestrooms, as well as upgrades to public areas.
The property will continue to be operated by Starwood under a long-term management agreement.
Adam Aron, CEO of Starwood on an interim basis, said: ?On the heels of our recent high-profile sales of The Phoenician and The Gritti Palace, along with other hotel asset transactions, the sale of the Westin Excelsior Rome brings us to US$817 million of hotel assets sold so far this year.
?Accordingly, Starwood has now exceeded our stated goal of completing at least US$800 million in hotel asset sales by the end of 2015.?
Simon Turner, Starwood?s president of global development, added: ?We continue to see strong interest in our remaining owned hotels from a broad array of high-quality investors from around the world as we look for the right sale opportunities and long-term partners to create value for our shareholders.?
Katara Hospitality chairman Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani said: ?The Westin Excelsior Rome is the epitome of what Katara Hospitality looks for in a hotel. Its grand and statuesque appearance is the ultimate in luxurious hospitality.
?The hotel is a welcome addition to our growing global portfolio of iconic properties, and we are delighted to be continuing to set the standard for luxury hospitality the world over.?
Opened in 1906, the 316-room Westin Excelsior Rome boasts a premium location on Via Veneto, one of the city?s most celebrated streets.
The transaction increases Katara Hospitality?s portfolio to 35 properties in operation or under development and marks its third owned hotel in Italy.