News for the Hospitality Executive
Starwood Hotels & Resorts Worldwide, Inc. Sells the
179-room St. Regis Aspen for $70 million
Starwood Will Maintain a 50 year Management Agreement
WHITE PLAINS, N.Y.- September 29, 2010 -Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that they have sold the 179-room St. Regis Aspen for $70 million to 315 East Dean Associates Inc., a Delaware Corporation represented by Bangkok-based OptAsia Capital Co. The sales price is immediately accretive to earnings and represents a multiple of 17 times anticipated 2010 EBITDA. Starwood will maintain a 50 year management agreement and continue to operate the resort under its ultra-luxury St. Regis flag. Guest service and hotel operations will continue uninterrupted, providing seamless signature St. Regis service and exceptional guest experience which distinguishes the brand’s properties around the world.
In addition to the purchase price, the buyer has committed to a major renovation of the resort, including the refurbishment of all hotel guest rooms and public areas and incorporating the extensive courtyard space into dining outlets for year-round offerings, including enhanced après-ski use.
According to Simon Turner, President of Global Development, Starwood Hotels & Resorts, “Asset sales such as this are illustrative of Starwood’s strategic disposition of owned real estate. We are committed to our strategy of systematically moving toward a more asset light operating model over time, taking advantage of when opportunities to sell our owned real estate are in the best interests of our shareholders.”
Denise Coll, President North American Hotel Operations, Starwood Hotels & Resorts, added, “We are delighted that Starwood will continue to manage this one of a kind resort in one of the world’s premiere luxury destinations on behalf of an owner who shares our passion for the St. Regis brand and for Aspen.”
Ideally located at the base of Aspen Mountain, the St. Regis Aspen Resort is situated between the mountain's two primary base ski lifts and within walking distance to all of Aspen's shops, restaurants and entertainment. The hotel is just ten minutes from Aspen’s airport and offers convenient access to all four ski areas as well as area golf courses. The St. Regis Aspen is continually rated among the top resort in the world by national publications such as Travel + Leisure and Condé Nast Traveler.
About St. Regis Hotels & Resorts
About Starwood Hotels & Resorts Worldwide, Inc.
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.) The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
Starwood Hotels & Resorts Worldwide, Inc.
|Also See:||The former 257- room Luxury Collection Hotel Aspen is renamed The St. Regis Aspen / Feb 1998|
|Starwood's St. Regis Residence Club, Aspen Considered a Success by all Parties, Including the Developer, Members and the Local Community / April 2007|