Starwood sells Austria's Hotel Goldener Hirsch

(Hotel Goldener Hirsch)

Starwood Hotels & Resorts Worldwide has closed on the sale of the Hotel Goldener Hirsch, A Luxury Collection Hotel, in Salzburg, Austria, as it continues down its asset-light strategy ahead of its impending merger with Marriott International.

The hotel was sold to companies of the Wild Group for €20 million—approximately US$22 million. Starwood will continue to operate the hotel under the Luxury Collection brand flag under a new long-term management agreement.

“Our team continues to vigorously execute on all corners of our strategy to create value for Starwood’s shareholders, including meaningful progress on our asset disposition target," Thomas Mangas, CEO of Starwood Hotels & Resorts Worldwide, said in a statement. "With this transaction, we have disposed of over $520 million of assets already in 2016, including five hotels transferred to Interval Leisure Group in connection with ILG's acquisition of Vistana.”

“Hotel Goldener Hirsch is one of the last and most historic European properties that was fully owned by Starwood," Michael Wale, president of Starwood for Europe, Africa and the Middle East said. "In Wild Group we believe we have found the right partner to continue the legacy of this landmark hotel.”

Dating back to 1407, the historical Hotel Goldener Hirsch building first opened as a hotel in 1564. It then became the Salzburg Festival’s premier residence when it was acquired by Countess Harriet Walderdorff in 1939. Named a UNESCO World Heritage Site in 1997, the  hotel has 70 guestrooms, including five suites, the Restaurant Goldener Hirsch, Restaurant Herzl and Bar Goldener Hirsch. The hotel is located on the Getreidegasse road in Salzburg’s Old Town, close to boutiques, Mozart’s birthplace, Festival Hall and The Hohensalzburg Fortress.

Wild Group also owns the Hotel Schloss Mönchstein, located just a little over a mile away from Hotel Goldener Hirsch.