Starwood Hotels & Resorts Worldwide sold the Gritti Palace, an 82-room hotel in Venice, Italy, as it continues to shed some of its most prized properties and weigh options for its future.
The Stamford, Conn., hotel company said on Tuesday it has closed on the $117-million sale to Nozul Hotels & Resorts, a subsidiary of Qatar conglomerate Jaidah Holdings. Starwood will continue to manage the property under what it said was a new long-term management agreement.
Starwood previously had said it plans to sell most of its remaining properties as it focuses on management and franchising rather than hotel ownership. The company will own about two dozen properties after spinning off its vacation ownership business.
Interim CEO Adam Aron said on a recent analyst call that Starwood expects to sell at least $800 million in hotels in 2015. The company also reiterated its goal of $3 billion in cumulative asset sales through the end of 2016.