Starwood Hotels To Sell The Westin Excelsior Rome To Katara Hospitality

(RTTNews) - Starwood Hotels & Resorts Worldwide, Inc. (HOT) said Wednesday that it has agreed to sell The Westin Excelsior Rome to Katara Hospitality for €222 million or $251 million.

As part of the deal, the historic hotel will be renovated in the next five years, including a top-to-bottom transformation of all guestrooms, as well as upgrades to the hotel's public areas. Additionally, as has been the case with other sales of Starwood hotel assets, it will continue to be operated by Starwood under a new long-term management agreement.

Adam Aron, CEO of Starwood on an interim basis, said: "On the heels of our recent high-profile sales of The Phoenician and The Gritti Palace, along with other hotel asset transactions, the sale of the Westin Excelsior Rome brings us to $817 million of hotel assets sold so far this year. Accordingly, Starwood has now exceeded our stated goal of completing at least $800 million in hotel asset sales by the end of 2015."

The transaction increases Katara Hospitality's portfolio to 35 properties in operation or under development and marks its third owned hotel in Italy.