Starwood Completes Sale of The Gritti Palace, Venice to Nozul Hotels & Resorts for $117M USD

Starwood Hotels & Resorts Worldwide, Inc. | May 13, 2015

May 13, 2015 The Iconic Gritti Palace Will Continue to be Operated by Starwood Hotels Under a Long-Term Management Contract STAMFORD, Conn.-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has closed on the sale of The Gritti Palace, Venice to Nozul Hotels & Resorts, the owner of W Doha Hotel, and a wholly owned subsidiary of "Jaidah Holdings" for €105 million (approximately $117 million USD). Starwood will continue to operate the hotel under The Luxury Collection brand flag under a new long-term management agreement. Adam Aron , CEO of Starwood on an interim basis, commented: "As we said on our q...