Starwood sells Venice hotel for $117M

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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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.

Suggested Articles

Before the global brands roll into Madrid, consider that what the consumer considered to be luxury has evolved in recent years.

As of January 1, the hotel will formally be rebranded as the InterContinental Shenzhen Dameisha Resort.

The deal gives Onomo a presence in 15 countries with 4,300 guestrooms and a pipeline of an additional 3,000 rooms.