|
|
Article: Starwood Hotels Announces the Sale of the St. Regis New York's Retail Space for $117 Million.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
CopyrightCOPYRIGHT 2009 NewsRX. 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)
|
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced that the Company has closed on the sale of 24,700 square feet of retail space at the St. Regis New York to GFC Fifth Avenue LLC, an investment group led by the Chera family's Crown Acquisitions, Lloyd Goldman and the Feil Organization. The sales price of $117 million represents a 5% cap rate on anticipated 2009 NOI.
Sale proceeds will go towards additional debt paydown. About Starwood Hotels & Resorts Worldwide, Inc.: Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 982 properties in 100 countries and approximately 145,000 employees at its ...