Starwood Signs Agreement to Sell Select Italian Assets to EST Capital
WHITE PALINS, NY, 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.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
