Starwood Signs An Agreement To Sell The W San Francisco For $90 Million
July 8, 2009 by Timeshare & Fractional News
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the Company has signed an agreement to sell the W San Francisco for $90 million to Keck Seng Investments (Hong Kong) Limited, a hotel investment and property development company listed on the Hong Kong stock market. The sales price is immediately accretive to earnings and represents a multiple of over 14X anticipated 2009 EBITDA.
The buyer is well-known to Starwood and currently owns three other Starwood hotels. Additionally, Starwood has retained a long-term management agreement to continue operating the hotel as a W. The W brand continues to grow globally, and is poised to more than double its footprint from 25 hotels today to 60 hotels by 2011. The sale, which is subject to customary closing conditions, is expected to close on July 30, 2009.
The sale of the W San Francisco represents one of a few select asset dispositions that Starwood is pursuing to further reduce its debt levels.
About Starwood Hotels & Resorts Worldwide, Inc.:
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 960 properties in 97 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 AloftSM 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.
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Tags: Keck Seng Investments (Hong Kong) Limited, Starwood Hotels and Resorts Worldwide, W San Francisco
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