Starwood Hotels & Resorts Worldwide has closed on the sale of Hotel Imperial, a Luxury Collection Hotel, Vienna to Al Habtoor Investment—the investment arm of UAE conglomerate Al Habtoor Group—for $78.8 million. Hotel Imperial will continue to operate as part of The Luxury Collection brand under a new long-term management agreement.
As part of the transaction, all rooms and suites of the hotel will be renovated over the next four years.
“On the heels of exceeding our $800 million asset disposition target in 2015, the sale of Hotel Imperial underscores Starwood’s continued commitment to advancing our asset light strategy to create value for our shareholders,” Thomas Mangas, CEO of Starwood Hotels & Resorts Worldwide, said in a statement.
“Starwood remains keenly focused on selling its owned properties to the right long-term partners, and we see strong interest in our remaining assets from a broad array of high-quality investors from around the world,” Simon Turner, president of global development for Starwood, added.
Hotel Imperial is the fifth Starwood property in the Group’s portfolio of 14 hotels, joining the newly opened The St Regis Dubai, as well as the upcoming W Dubai – Al Habtoor City, The Westin Dubai, Al Habtoor City and The St. Regis Dubai, Al Habtoor Polo Resort and Club.