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.