Starwood Hotels & Resorts Monday announced that it sold The Phoenician, a Luxury Collection Resort, in Scottsdale, Arizona, to Host Hotels & Resorts for US$400 million. The resort will undergo a complete renovation and Starwood will continue to operate the hotel under The Luxury Collection brand flag.
“The vision of Host Hotels & Resorts to further enhance The Phoenician is one of many cornerstones in Starwood’s imaginative plans for The Luxury Collection brand,” said Adam Aron, interim CEO of Starwood. “With new hotel openings and more impressive renovations coming, Starwood is now setting out to transform The Luxury Collection into the world’s largest luxury hotel brand.”
“Starwood continues its focus on selling its owned properties to the right long-term partners, in order to create value for our shareholders,” added Simon Turner, president of global development for Starwood. “The strength and depth of the global capital markets and robust lodging industry fundamentals create an environment where we are continuing to see strong interest in our remaining assets from a broad, diverse and high-quality array of investors worldwide.”