Starwood Hotels & Resorts Worldwide on Wednesday announced that it has agreed to sell The Westin Excelsior Rome to Katara Hospitality for €222 million (US$251 million).
As part of the deal, the historic hotel will be renovated in the next five years, including a top-to-bottom transformation of all guestrooms, as well as upgrades to the hotel’s public areas. Additionally, as has been the case with other sales of Starwood hotel assets, it will continue to be operated by Starwood under a new long-term management agreement.
The transaction increases Katara Hospitality’s portfolio to 35 properties in operation or under development and marks its third owned hotel in Italy. Opened in 1906, the 316-room Westin Excelsior Rome boasts a premium location on Via Veneto.
“On the heels of our recent high-profile sales of The Phoenician and The Gritti Palace, along with other hotel asset transactions, the sale of the Westin Excelsior Rome brings us to US$817 million of hotel assets sold so far this year,” said Adam Aron, CEO of Starwood on an interim basis. “Starwood has now exceeded our stated goal of completing at least US$800 million in hotel asset sales by the end of 2015.”
Simon Turner, president of global development for Starwood, added that the company continues to see strong interest in its remaining owned hotels from “a broad array of high-quality investors from around the world” as it looks for the right sale opportunities and long-term partners to create value for shareholders.
“This agreement marks our third property in Italy. The Westin Excelsior Rome is the epitome of what Katara Hospitality looks for in a hotel,” said Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani, chairman of Katara Hospitality.