Starwood Sells The Westin Excelsior Rome to Katara Hospitality for $251 million

Starwood Hotels & Resorts Worldwide, Inc. | September 16, 2015

STAMFORD, Conn.--September 16, 2015-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has agreed to sell The Westin Excelsior Rome to Katara Hospitality for €222 million ($251 million in USD). 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 t...