WHITE PLAINS, N.Y.--(BUSINESS WIRE)--March 4, 2003--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) has signed a binding agreement to sell the Hotel Principe di Savoia to the London-based Dorchester Group Ltd. for 275 million Euros or approximately $300 million.
The sale, subject to standard closing conditions, is expected to close in the second quarter. Starwood received a significant non-refundable deposit as part of the agreement.
The 404-room hotel is located in Milan, Italy and is part of the CIGA portfolio of hotels and resorts. This transaction represents a portion of the $500 million of hotel assets that Starwood has announced it plans to sell by the end of 2003. Starwood's presence in Milan also includes the Diana Majestic and the Westin Palace. The property will be sold unencumbered. Starwood believes sales of this nature highlight the extraordinary values of many of its European hotels concentrated in the CIGA collection. Proceeds are intended to be used to retire debt.
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