Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) closed on the purchase of the 413-room Sheraton Kauai Resort, Poipu Beach, Kauai, Hawaii on March 3, 2004.
Starwood paid $40 million to purchase the asset. Starwood managed the Sheraton Kauai under its Sheraton brand for Obayashi Corporation, the former owner of the property.
"We are pleased to acquire this resort property at a very attractive price per key representing a discount to replacement cost," said Ted Darnall, President - Starwood Real Estate Group. "Acquiring this resort reinforces our strategic commitment to Kauai and the Hawaiian Islands which remain the most important leisure destination for U.S. travelers."
The Sheraton Kauai is located alongside Poipu Beach and features 413 rooms, including 13 suites, many with spectacular ocean views and terraces. The resort has five restaurants and lounges; a fitness and massage center; two outdoor pools and Jacuzzi; tennis courts and two championship golf courses within two miles and is situated on 18.8 acres of fee and leased land.
Logos, product and company names mentioned are the property of their respective owners.
