Starwood Sells Off Florence Properties
by Jessica Montevago /Starwood Hotels & Resorts finalized the sale of Italy’s St. Regis Florence and The Westin Excelsior Florence ahead of its merger with Marriott Internatinal this summer.
Qatar-based Nozul Hotels & Resorts purchased the properties for $123 million. The company operates hotels such as the Gritti Palace, Venice, and the W Doha Hotel.
The long-term management agreement allows the properties to remain under the Starwood flags.
“As we work to prepare for the close of our merger with Marriott International, we continue to vigorously compete in the market, grow our brands, and execute against our strategy to create value for Starwood’s shareholders,” said Starwood CEO Thomas Mangas.
Starwood already has disposed of nearly $500 million in assets this year, including the sale of Hotel Imperial and the transfer of five properties as part of Vistana Signature Experiences.
