Starwood Sells Westin Rome Excelsior for $251 Million
Starwood Hotels & Resorts Worldwide has sold the 316-room Westin Excelsior Rome to Katara Hospitality for $251 million. Under the terms of the agreement, Starwood will continue to manage the property, which is adjacent to the American Embassy.
The hotel's guest rooms and public spaces will be renovated over the next five years. Amenities include two restaurants and a bar, a fitness room, a wellness center, an indoor pool and a business center. The property also has 14,000 square feet of meeting space.
Adam Aron, interim CEO of Starwood, said, "On the heels of our recent high-profile sales of the Phoenician [Phoenix, Ariz.] and the Gritti Palace [Venice, Italy], along with other hotel-asset transactions, the sale of the Westin Excelsior Rome brings us to $817 million of hotel assets sold so far this year. Accordingly, Starwood has now exceeded our stated goal of completing at least $800 million in hotel-asset sales by the end of 2015."