Starwood sells more European assets

Hotel Golder Hirsch
Hotel Golder Hirsch

Starwood Hotels & Resorts is continuing to make progress with its “asset light” strategy, with the sale of another high-end European hotel.

Just two months after closing a deal to sell two Italian hotels to Qatari investors, the hotel group has now agreed to offload one of its luxury hotels in Austria.

The Hotel Goldener Hirsch in Salzburg, which forms part of Starwood’s Luxury Collection, will be sold to the WILD Group for EUR20 million (approx. US$22m). Starwood will continue to operate the 70-room hotel under a new long-term management agreement.

“The sale of Hotel Goldener Hirsch underscores our ongoing commitment to dispose of our owned assets to the right long-term partners to create both immediate and long-term shareholder value. We continue to experience strong interest from global investors looking to add unique and quality properties to their portfolios,” said Simon Turner, Starwood’s president of global development.

In June 2016, Starwood announced a deal to sell its St Regis and Westin hotels in Florence to Nozul Hotels & Resorts, a subsidiary of Qatar’s Jaidah Holdings, which had previously purchased the famous Gritti Palace hotel in Venice.

In total, Starwood has now disposed of over US$520m of assets in 2016 alone, as it pursues a strategy of portfolio growth through management contracts, rather than bricks and mortar.

Dating back to 1407, Hotel Goldener Hirsch is located in Salzburg’s old town and was named a UNESCO World Heritage Site in 1997. As well as its 70 luxury rooms and suites it features the Restaurant Herzl and Bar Goldener Hirsch.

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