Starwood Hotels Completes Sale of W Los Angeles – Westwood
Hotel Will Continue to be Managed by Starwood Under the W Flag
STAMFORD, Conn. - (BUSINESS WIRE) - Aug. 23, 2012 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has completed the sale of W Los Angeles – Westwood to Pebblebrook Hotel Trust for $125 million. As part of the sale, Pebblebrook has agreed to continue with the planned property renovations to expand and re-define the hotel’s Living Room, bar and public spaces. Starwood has entered into a 40-year management agreement to continue operating the hotel under the W flag.
“We continue to pursue opportunities to sell our owned real estate at the right time to the right owners in the best interest of shareholders,” said Simon Turner, President of Global Development for Starwood. “We already have a great working relationship with Pebblebrook Hotel Trust on The Westin Gaslamp Quarter, San Diego, W Boston and Sheraton Delfina Santa Monica, and are pleased to expand our partnership with this iconic property.”
“We’re thrilled to again be partnering with Starwood at W Los Angeles - Westwood. We look forward to future success together as we continue to improve this high-quality hotel,” said Jon Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust.
W Los Angeles – Westwood located at 930 Hilgard Avenue, is a full-service, luxury property with 258 modern, spacious suites; a SWEAT state-of-the-art fitness center; a 7,000 square foot Bliss® Spa; The Backyard restaurant and WET, a heated outdoor pool; and the acclaimed NineThirty restaurant. The hotel, across from UCLA and near the entertainment and vibrancy of Sunset Strip, sits at the foothills of Beverly Hills/Bel Air and is minutes from Santa Monica’s beaches. The hotel offers the perfect escape from the sprawling city and is the ultimate Los Angeles hideaway.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,112 properties in nearly 100 countries and 154,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, and ElementSM. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier provider of world-class vacation experiences through villa-style resorts and privileged access to Starwood brands. For more information, please visit www.starwoodhotels.com.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full service hotels located in urban markets in major gateway cities. The Company owns 24 hotels, comprised of 18 wholly owned hotels, with a total of 4,420 guest rooms and a 49 percent joint venture interest in six hotels with 1,733 guest rooms. The Company owns, or has an ownership interest in, hotels located in ten states and the District of Columbia, including 16 markets: Los Angeles, California; San Diego, California; San Francisco, California; Santa Monica, California; West Hollywood, California; Miami, Florida; Buckhead, Georgia; Bethesda, Maryland; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Portland, Oregon; Philadelphia, Pennsylvania; Columbia River Gorge, Washington; Seattle, Washington; and Washington, DC. For more information, please visit www.pebblebrookhotels.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.)
Source: Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts