Starwood Sells the St Regis Aspen for $70 Million
WHITE PLAINS, N.Y., Sep 29, 2010 (BUSINESS WIRE) -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that they have sold the 179-room St. Regis Aspen for $70 million to 315 East Dean Associates Inc., a Delaware Corporation represented by Bangkok-based OptAsia Capital Co. The sales price is immediately accretive to earnings and represents a multiple of 17 times anticipated 2010 EBITDA. Starwood will maintain a 50 year management agreement and continue to operate the resort under its ultra-luxury St. Regis flag. Guest service and hotel operations will continue uninterrupted, providing seamless signature St. Regis service and exceptional guest experience which distinguishes the brand's properties around the world.
In addition to the purchase price, the buyer has committed to a major renovation of the resort, including the refurbishment of all hotel guest rooms and public areas and incorporating the extensive courtyard space into dining outlets for year-round offerings, including enhanced après-ski use.
According to Simon Turner, President of Global Development, Starwood Hotels & Resorts, "Asset sales such as this are illustrative of Starwood's strategic disposition of owned real estate. We are committed to our strategy of systematically moving toward a more asset light operating model over time, taking advantage of when opportunities to sell our owned real estate are in the best interests of our shareholders."
Denise Coll, President North American Hotel Operations, Starwood Hotels & Resorts, added, "We are delighted that Starwood will continue to manage this one of a kind resort in one of the world's premiere luxury destinations on behalf of an owner who shares our passion for the St. Regis brand and for Aspen."
Ideally located at the base of Aspen Mountain, the St. Regis Aspen Resort is situated between the mountain's two primary base ski lifts and within walking distance to all of Aspen's shops, restaurants and entertainment. The hotel is just ten minutes from Aspen's airport and offers convenient access to all four ski areas as well as area golf courses. The St. Regis Aspen is continually rated among the top resort in the world by national publications such as Travel + Leisure and Condé Nast Traveler.
About St. Regis Hotels & Resorts
Combining classic sophistication and modern luxury, the St. Regis brand remains faithful to its commitment to excellence. Founded by John Jacob Astor IV, with the opening of the first St. Regis Hotel in New York City over a century ago, The St. Regis brand of hotels is known for its unique luxury dimension, customized service and refined elegance, in the best destinations worldwide. Plans for this brand to globally continue its legacy include long-awaited St. Regis properties in Bahia Beach, Puerto Rico, and Bal Harbour in the US. In Latin America, St. Regis will unveil new hotels and resorts in Buenos Aires and the Mayan Riviera. In Asia, St. Regis has also announced plans to open properties in Bangkok, Chengdu, Kuala Lumpur, Lhasa, Osaka, Sanya Yalong Bay and Tianjin. In Africa and the Middle East, the St. Regis brand will continue to expand in Abu Dhabi, Cairo, Doha and Mauritius. The distinctive trait of the St. Regis experience is customized service and attention, coveted locations and luxurious design. For more information on St. Regis Hotels & Resorts please visit the new www.stregis.com
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1000 properties in nearly 100 countries and territories with 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences 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, and the recently launched Aloft(R), and Element SM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. 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 and events 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.)The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc.
Jason Koval, 914-640-8165