Starwood sells two Florence hotels

Starwood has closed on the sale of The St. Regis Florence and The Westin Excelsior Florence to Nozul Hotels & Resorts, the owner of The Gritti Palace, Venice and W Doha Hotel, and a wholly owned subsidiary of Jaidah Holdings’for €190 million.

1 St. Regis Florence

Starwood will continue to operate the hotels under the St. Regis and Westin brand flags under new long-term management agreements.

Thomas Mangas, Chief Executive Officer of Starwood Hotels & Resorts Worldwide said: “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.

“Asset dispositions remain a key part of that strategy and, following a year where we exceeded our target, we have already disposed of nearly US$500 million of assets this year, including this sale, the sale of Hotel Imperial, and the transfer of five properties as part of Vistana Signature Experiences’ separation from Starwood.”