Starwood Hotels & Resorts Completes Sale of Manhattan at Times Square
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today it has completed the sale of the 665-room?Manhattan?at?Times Square Hotel?in?New York City?to affiliates of?Rockpoint Group, Goldman Sachs? Real Estate Principal Investment Area, and?Highgate Holdings?for?$275 million?in cash. The property, located on?Seventh Avenue?between51st and 52nd Streets, will be managed by?Highgate Holdings?as an independent hotel unaffiliated withStarwood Hotels & Resorts.
?As we continue our transition to an asset-light model, we continue to look for opportunities to sell our owned hotels at attractive prices to best create value for our shareholders, and this sale of a non-strategic asset is consistent with that strategy,? said?Simon Turner, President of?Global Development,Starwood Hotels & Resorts Worldwide, Inc.??In 2010, we removed the Sheraton flag from the?Manhattanat?Times Square?property as part of our ongoing commitment to the revitalization of the Sheraton brand inNorth America?and began a rigorous process to evaluate all value-maximization options for this asset. With all nine of our brands already well-represented in?New York City?across approximately 9,000 rooms, we believe this sale presented the best value for our shareholders.?