Starwood Hotels & Resorts Completes Sale of St. Regis Hotel, Washington, D.C.; Grande Dame of the Nation's Capital to Remain in the St. Regis Portfolio.
WHITE PLAINS, N.Y. -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE NYSE
See: New York Stock Exchange :HOT) announced today that it has completed the sale of the 193-room St. Regis Hotel, Washington, D.C. to a joint venture between Brickman Associates and New Valley Corporation for $47 million. The hotel will continue to be managed by St. Regis Hotels & Resorts and will remain in the St. Regis brand portfolio. Built in the style of an Italian Renaissance palace and richly appointed with European antiques, the hotel has been a stopping place for visiting royalty, presidents, and international dignitaries since its opening in 1926. A multi-million dollar renovation of the hotel is planned by the new owners subsequent to the sale.
St. Regis Hotel, Washington, D.C. is located two blocks from The White House and is convenient to galleries, museums, monuments, and other Capital attractions. Conde Nast has awarded the hotel to its Gold List four years in a row.
Since 2003, Starwood has sold more than $1.5 billion worth of assets. The proceeds from this hotel combined with other asset sales since 2004 totals more than $470 million, part of the $500 million the Company intends to sell by the end of 2005. The Company expects to use proceeds for share repurchase Share Repurchase
A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. and for general corporate purposes.
St. Regis Hotels & Resorts includes the most celebrated properties in the world. As the landmark St. Regis Hotel, New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of celebrates its 100th anniversary, the company will unveil highly anticipated St. Regis properties in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden (November 2005), Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. (2006), Anguilla (2007), Deer Valley Deer Valley is an alpine ski resort in the Wasatch Range in the Park City area of northern Utah. Deer Valley is for skiers only, as it prohibits snowboarding. During the 2002 Winter Olympics Deer Valley hosted the freestyle moguls and aerial, and alpine slalom events. , UT (2007), Mexico City Mexico City
Spanish Ciudad de México
City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi (2007), Punta Mita (2007), Singapore (2007) and Bal Harbour (2008) that will further extend the brand's legacy as the preeminent hotel group. A common thread unites St. Regis: an unrelenting pursuit of excellence in flawless, anticipatory service and amenities, enviable locations and luxuriously localized design. For more information on St. Regis Hotels & Resorts, please visit stregis.com.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood(R) corporation is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, and W(R), Hotels and Resorts as well as 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
New Valley is currently engaged in the real estate business and is seeking to acquire additional operating companies and real estate properties. New Valley has a 50% ownership interest in Douglas Elliman Realty, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , which operates the largest residential real estate brokerage company in the New York Metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. .
Brickman Associates is a real estate operating and investment company that owns hospitality, office and residential properties throughout the United States. The firm operates from its headquarters in Manhattan.
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