Underscoring its continued commitment to advancing an asset light strategy, Starwood Hotels & Resorts Worldwide on Monday announced that it has closed on the sale of the 138-room Hotel Imperial, a Luxury Collection Hotel, Vienna to Al Habtoor Investment — the investment arm of UAE conglomerate Al Habtoor Group — for US$78.8 million.
As part of the transaction, all rooms and suites of one of the first Luxury Collection hotels will be renovated over the next four years. Hotel Imperial will continue to operate as part of The Luxury Collection brand under a new long-term management agreement.
Built in 1863 as Prince Philipp of Württemberg’s Viennese residence, Hotel Imperial was transformed into a hotel to accommodate visitors of the 1873 World’s Fair.
In 2014, the hotel completed a $14 million restoration of its ground floor, which includes the landmark lobby, a signature restaurant, destination bar, Cafe Imperial and Imperial Torte shop, and private event venues spanning more than 4,000 square feet.
Hotel Imperial is the fifth Starwood property in the Al Habtoor Group’s portfolio of 14 hotels, joining the newly opened The St Regis Dubai, as well as the upcoming W Dubai – Al Habtoor City, The Westin Dubai, Al Habtoor City and The St. Regis Dubai, Al Habtoor Polo Resort and Club.
“Starwood remains keenly focused on selling its owned properties to the right long-term partners, and we see strong interest in our remaining assets from a broad array of high-quality investors from around the world,” said Simon Turner, president of Global Development for Starwood.