Starwood Hotels Completes Sale of Bliss Spas to Steiner Leisure for $100 Million
WHITE PLAINS, N.Y. (BUSINESS WIRE) -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that it has completed the sale of the Bliss spa and product company to Steiner Leisure Limited (Nasdaq:STNR) for $100 million. As part of the transaction, Bliss and Remède spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels, respectively. Additionally, Starwood's Aloft brand will continue to offer Bliss Tried+Blue amenities.
"Not only does this sale further our strategy to focus exclusively on our global hospitality business and our nine distinct and compelling hotel brands, but our ongoing and exclusive relationship with Steiner Leisure means that we will continue to distinguish our spa offerings in our W and St. Regis hotels and provide amenities that are guest favorites," said Frits van Paasschen, President and CEO of Starwood. "The sale of Bliss, coupled with several other recent sale transactions we've announced, demonstrate that despite today's tough economic conditions we're able to sell assets at strong multiples."
In addition to Bliss spas in W Hotels and Remède spas in St. Regis hotels, Starwood has more than 300 spa properties in its hotels and resorts around the world, such as the award winning Heavenly Spa by Westin at the Westin Beijing Financial Street, Spa Gaucin at the St. Regis Monarch Beach Resort, and GB Spa at the Hotel Grande Bretagne, a Luxury Collection Hotel in Athens. Starwood also develops and operates proprietary spa brands including Heavenly Spa by Westin, Explore Spa by Le Mèridien and Shine Spa for Sheraton.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 982 properties in more than 100 countries and 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), W(R), Westin(R), Le Méridien(R), Sheraton(R), Four Points(R) by Sheraton, AloftSM, and ElementSM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Further results, performance and achievements may be affected by general economic conditions, including the duration and severity of any global or regional economic downturns, the availability of financing alternatives at acceptable terms, the impact of war and terrorist activity, business and financing conditions, foreign exchange fluctuations, cyclicality of the real estate (including residential) and the hotel and vacation ownership businesses, operating risks associated with the hotel, vacation ownership and residential businesses. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Further, there can be no assurance that agreements will be entered into for the hotels in the Company's pipeline and, if entered into, the timing of any agreement and the opening of the related hotel. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.