| WHITE PLAINS, N.Y., Oct. 15, 1999 - Starwood Hotels Resorts Worldwide,
Inc. (NYSE: HOT), one of the world�s largest hotel and leisure companies,
said today that as part of the company�s previously announced plan to sell
$500 million of non-strategic assets by mid-year 2000, majority owned subsidiaries
of Starwood reduced their holdings in Lampsa S.A., a publicly traded Greek
company that owns the Grande Bretagne Hotel in Athens, from 52.8% to 5.7%.
The sales were made on the open market. Starwood received gross
proceeds of $186 million and will record a pre-tax gain of approximately
$178 million on the sale and will continue to manage the hotel under its
existing management contract.
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Grande Bretagne Hotel
One of the most imposing buildings on Syntagma square,
Grande Bretagne Hotel with 332 rooms and 23 suites is one of the better
- known landmarks of the Greek capital.
Built in 1884 as a residence for a wealthy Greek, the
building stood across from the royal palace of King Otto and Queen Amalia
and a stone's throw from the Greek Parliament. |
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