Starwood Hotels & Resorts Worldwide Inc announced that it has agreed to sell the Westin Excelsior Rome to Katara Hospitality for Euro 222 million (US$251 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 the hotel’s public areas. Additionally, the hotel will continue to be operated by Starwood under a new long-term management agreement.
Adam Aron, CEO of Starwood on an interim basis, said: “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 m in hotel asset sales by end of 2015.”
Opened in 1906, The Westin Excelsior Rome offers 316-rooms. Hotel amenities include two restaurants and a bar, a WestinWORKOUT® Fitness Studio, Kami Wellness Center, an indoor pool and a 24-hour business center.
The transaction increases Katara Hospitality’s portfolio to 35 properties in operation or under development and marks its third owned hotel in Italy.
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