Starwood sells Salzburg hotel

Starwood has closed on the sale of Hotel Goldener Hirsch, A Luxury Collection Hotel in Salzburg, Austria to companies of the WILD Group for €20 million.

Starwood will continue to operate the hotel under the Luxury Collection brand flag under a new long-term management agreement.

CEO Thomas Mangas said” “Our team continues to vigorously execute on all corners of our strategy to create value for Starwood’s shareholders, including meaningful progress on our asset disposition target.

“With this transaction, we have disposed of over US$520 million of assets already in 2016, including five hotels transferred to Interval Leisure Group in connection with ILG’s acquisition of Vistana.”

Simon Turner, president of global development, said: “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.”