WHITE PLAINS, N.Y., January 23, 2008 – Starwood Hotels & Resorts
Worldwide, Inc. (NYSE: HOT) has signed a binding agreement to sell certain of
its assets in Venice Lido and Asolo Italy to EST Capital for 156 million Euros
or approximately $229 million, subject to certain adjustments.
Under the agreement, EST Capital would acquire three hotels from Starwood: the Westin Excelsior and the Hotel Des Bains in Venice Lido and the Villa Cipriani in Asolo and some additional office, retail and storage facilities. The sale is subject to customary closing conditions, which include, among others, the right of first refusal of the Italian State with respect to certain properties comprised in the portfolio, and is expected to close in the fourth quarter of this year. Starwood is in talks with EST regarding Starwood’s continued management of the Lido hotels.
EST Capital is an independent asset management company that specializes in the establishment and management of closed-end property funds reserved to institutional and qualified private investors.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 890 properties in more than 100 countries and 145,000 employees at its owned and managed properties. Starwood® Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft(SM), and Element(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.