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Article: Starwood closes on sale of hotel portfolio.(FOCUS: hospitality and corporate outings)
- Article from:
- Fairfield County Business Journal
- Article date:
- April 24, 2006
CopyrightCOPYRIGHT 2006 Westfair Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Starwood Hotels & Resorts Worldwide Inc. said it has closed on a sale of 28 hotels, including hotels under the Sheraton, W, Westin, St. Regis and Luxury Collection brands, to Host Marriott Corp. The hotels will remain in the Starwood system and continue to be managed by Starwood tinder long-term management agreements.
The total value of the transaction for the 35 hotels in the entire portfolio, including cash, stock and the assumption of debt, is approximately $4.23 billion. Starwood shareholders have directly received $2.8 billion or 66 percent of the proceeds in the form of Host stock valued at $2.68 billion based on Host's $20.53 dosing price on April 7, and ...