The hotel group has signed a preliminary contract to sell some of its property assets to EstCapital, an asset management company that specialises in creating and managing closed real estate funds.
These are the Westin Excelsior and Hotel Des Bains, both in Venice Lido, and the Hotel Villa Cipriani at Asolo, 80 km north-west of Venice, all for sale with their relative operations, plus some buildings for office, commercial and storage use.
The sale is expected to be finalised in the fourth quarter of 2008, but the Italian government could exercise a pre-emption right on some of the properties in the portfolio. The total price agreed is EUR 156 million, but this is subject to change. Starwood is negotiating with EstCapital to continue to manage the hotels in Venice Lido.
February 2008
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