Starwood Hotels & Resorts Completes Sale Of Manhattan At Times Square
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT)
announced today it has completed the sale of the 665-room Manhattan at
Times Square Hotel in New York City to affiliates of Rockpoint Group,
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today it has completed the sale of the 665-room Manhattan at Times Square Hotel in New York City to affiliates of Rockpoint Group, Goldman Sachs’ Real Estate Principal Investment Area, and Highgate Holdings for $275 million in cash. The property, located on Seventh Avenue between 51st and 52nd Streets, will be managed by Highgate Holdings as an independent hotel unaffiliated with Starwood Hotels & Resorts. “As we continue our transition to an asset-light model, we continue to look for opportunities to sell our owned hotels at attractive prices to best create value for our shareholders, and this sale of a non-strategic asset is consistent with that strategy,” said Simon Turner, President of Global Development, Starwood Hotels & Resorts Worldwide, Inc. “In 2010, we removed the Sheraton flag from the Manhattan at Times Square property as part of our ongoing commitment to the revitalization of the Sheraton brand in North America and began a rigorous process to evaluate all value-maximization options for this asset. With all nine of our brands already well-represented in New York City across approximately 9,000 rooms, we believe this sale presented the best value for our shareholders.” About Starwood Hotels & Resorts Worldwide, Inc. Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,112 properties in nearly 100 countries and 154,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis ®, The Luxury Collection ®, W ®, Westin ®, Le Méridien ®, Sheraton ®, Four Points ® by Sheraton, Aloft ®, and Element SM. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier provider of world-class vacation experiences through villa-style resorts and privileged access to Starwood brands. For more information, please visit www.starwoodhotels.com. About Rockpoint Group, L.L.C. Rockpoint Group, L.L.C. ("Rockpoint") is a real estate investment management firm headquartered in Boston and with additional primary offices in San Francisco, Dallas and London. The Firm employs a fundamental value approach to investing and a maintains a hands-on focus on a key set of asset classes in select geographic regions, with a primary emphasis on opportunities in the United States and with an extensive portfolio of hotel assets. Since its inception in 2003, Rockpoint has sponsored six private investment funds with capital commitments of over $6 billion. For more information, please visit www.rockpointgroup.com. About Highgate Holdings Highgate Holdings is a fully integrated hospitality management and real estate investment company. Since its founding in 1988, the firm has owned, individually and with partners, more than 80 hotel properties. Highgate's present ownership, development, and management portfolio includes more than 21,000 rooms located primarily in such urban gateways as New York, San Francisco, Washington DC, Las Vegas, Miami, Dallas, Boston, Honolulu and Paris. Highgate has a strong presence in New York City, with a Manhattan platform that comprises 15 operating hotels, and upon completion of assets currently under construction will constitute 19 assets with more than 9,500 rooms.