United Kingdom
United States
Asia Pacific
Starwood terms $4.23 billion sale a major milestone
Starwood Hotels & Resorts Worldwide closed on a sale of 28 hotels for $4.23 billion to Host Marriott Corporation, a move termed a “major milestone.”
Starwood announced the hotels include Sheraton, W, Westin, St. Regis and Luxury Collection brands.
The hotels will remain in the Starwood system and will continue to be managed by that company under long-term management agreements.
The closing of seven more hotels in Europe was deferred “as a result of certain notice periods and consents that have not yet lapsed or been received,” the company said.
“We have entered into great, long-term management contracts on these hotels with an excellent partner,” said Steven J. Heyer, CEO of Starwood.
Almost two thirds of the proceeds of the sale or $2.8 billion was returned directly back to stockholders.
“This transaction represents a major milestone as we evolve our business to balance asset ownership with our fee based business, while continuing to drive growth in our vacation ownership business,” Mr Heyer said.
He said the move has created a higher growth, more capital and less cyclical business.
Report by David Wilkening
Related News Stories:
David
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Unexpected wave rocks cruise ship
Storm Lilian travel chaos as bank holiday flights cancelled