WHITE PLAINS, NY— Starwood Hotels & Resorts Worldwide has completed the sale of 12 non-strategic domestic hotels for approximately $300 million to a group of investors including Olympus Real Estate Partners, Rockwood Capital, Prudential Real Estate Investors and HEI Hospitality. The portfolio of 12 hotels includes 3,678 rooms and is comprised of 6 Sheratons, 2 Westins, 1 Marriott, 2 Hiltons and 1 independent property. The 8 Starwood branded hotels will remain under their current flags and the Hilton Novi will be converted to a Sheraton. HEI will assume management of the majority of these properties and as part of this transaction, HEI expects to introduce future franchising opportunities for Starwoods brands. The company expects to use proceeds from this sale to pay down existing debt, including the retirement of $250 million of Sheraton Holding bonds when they mature in November 2003, and for general corporate purposes.
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