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Westin to Continue Management of the Historic Property |
| WHITE PLAINS, N.Y., Jan. 21, 1999 - Starwood Hotels Resorts
Worldwide, Inc., on behalf of The Westin St. Francis Limited Partnership,
announced today an agreement to sell the 1,192 room Westin St. Francis
in San Francisco to BRE / St. Francis L.L.C. of New York for $243 million.
The sale, which is subject to customary conditions including the consent
of a majority of the limited partners of Westin Hotels Limited Partnership,
is
anticipated to close in the second quarter of this year. �This sale is part of the natural evolution of the partnership, which
was formed in 1986,� remarked Joseph Long, senior vice president of acquisitions
and development for Starwood. �This is strictly a change in ownership and
hotel guests will continue to receive the same upscale services and amenities
they have come to expect from
Starwood currently represents nearly 3,500 rooms in San Francisco including The Westin St. Francis, The Westin San Francisco Airport, the Palace Hotel, the W San Francisco, the Sheraton at Fisherman�s Wharf and the Four Points Hotel San Francisco Bay Bridge. |
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Katie Meyer of APR-Starwood, 914-640-8247 [email protected] http://www.starwoodlodging.com |
Originally
built in 1904, the hotel is nearing completion of an extensive $65 million
restoration that began in 1994. Highlights of the project include refurbishment
of all guest rooms, installation of upgraded security and safety systems,
restoration of the hotel�s sandstone exterior and the addition of two premier
function rooms on the newly-named �Imperial Floor.� The Westin St. Francis
is a city landmark located in the heart of San Francisco�s shopping district
on Union Square, and it is close to both the Moscone Convention Center
and the central business district. Westin has managed the landmark property
since 1954 and will continue to do so after the sale.