Starwood Hotels Completes Sale Of The W San Francisco To Keck Seng For $90 million
August 4, 2009 in All News, Starwood Hotels & Resorts, USA and Canada by Timeshare & Fractional NewsStarwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that it has completed the sale of the W San Francisco to Keck Seng Investments (Hong Kong) Limited for $90 million. The sales price represents a multiple of over 14X anticipated 2009 EBITDA. Starwood also entered a long-term management agreement to continue operating the hotel as a W.
About Starwood Hotels & Resorts Worldwide, Inc.:
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 966 properties in 100 countries and approximately 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®, Sheraton®, Westin®, Four Points® by Sheraton, W®, Le Méridien®, and the recently announced Aloft® and ElementSM. 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.
