This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Starwood Hotels Sells Its Leasehold Interest In The Park Lane Hotel, London To Sir Richard Sutton’s Settled Estates

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced it has sold its leasehold interest in The Park Lane Hotel, London to Sir Richard Sutton’s Settled Estates (SRSSE). Starwood will continue to operate the hotel under a new long-term management contract under the Sheraton brand flag.

“Sir Richard Sutton’s Settled Estates shares Starwood’s vision for The Park Lane Hotel to be a brand-enhancing property, and we look forward to collaborating together on the future success of this iconic hotel, which will undergo a full renovation beginning this Fall,” said Michael Wale, President, Europe, Africa and the Middle East for Starwood Hotels & Resorts Worldwide, Inc. “Our new long-term management contract for this hotel puts a foothold for the Sheraton brand in the center of London and the property will offer a unique experience to our guests and corporate customers for many years to come.”

Sheraton Hotels & Resorts is increasing its worldwide footprint through $11 billion in enhancements – a development effort that follows the recent three-year, multi-billion-dollar revitalization of its iconic brand and guest experiences. As Starwood’s largest and most global brand, Sheraton currently boasts more than 430 hotels and is poised for record-breaking growth, with over 100 hotels in the development pipeline.

SRSSE Managing Director Christopher Lacey commented: “The Estate is delighted to be in the hotel trade and working with one of the world’s preeminent hospitality operators on one of the most widely-recognized global hotel brands. We look forward to repositioning The Sheraton Park Lane Hotel and reinforcing its reputation as one of London’s leading luxury hotels.”

Ideally situated in Mayfair at the heart of London, the hotel faces Green Park and is walking distance to Buckingham Palace, the boutiques on Bond Street, and London’s West End theaters. The 303 room hotel features two restaurants, including afternoon tea at the Palm Court, and 16,700 square feet of meeting space for business meetings and social functions.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs