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of 25 Luxury Hotels |
WHITE PLAINS, N.Y. - Jan. 14, 2002 -- Starwood Hotels & Resorts
Worldwide, Inc. announced today that it has initiated the formal sale of
its CIGA portfolio of 25 luxury hotels, land, golf courses and marinas.
The Company expects to begin reviewing preliminary indications of interest
in mid-February. Deutsche Bank, Jones Lang LaSalle Hotels and JP Morgan
are advising Starwood on the disposition of this collection of luxury,
award-winning hotels and have now begun actively marketing these assets.
In contrast to prior announcements, Starwood will now entertain indicative
offers for 100 percent of the portfolio and/or proposals for individual
or groups of assets. Starwood intends to maintain long-term management
of the assets under its various brands.
"The CIGA portfolio is comprised of trophy assets that are unrivaled
in the industry and we expect considerable interest and aggressive pricing,"
said Ron Brown, Starwood's Chief Financial Officer. " EBITDA growth for
this portfolio has been among our fastest and, consequently, this has been
a very difficult decision but one that we believe will best recognize and
enhance shareholder value."
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Starwood Hotels & Resorts Nadeen N. Ayala 914/640-8259 www.starwood.com |
Also See | Starwood Begins Marketing CIGA Portfolio / July 2001 |
Trophy Hotel Investments - Psychic or Real? / Arthur Andersen / Summer 1996 |