STAMFORD, CT—Starwood Hotels & Resorts Worldwide, Inc. has agreed to sell The Westin Excelsior Rome to Katara Hospitality for $251 million.
As part of the deal, the historic hotel will be renovated in the next five years, including a top-to-bottom transformation of all guestrooms, as well as upgrades to the hotel’s public areas. Additionally, as has been the case with other sales of Starwood hotel assets, it will continue to be operated by Starwood under a new long-term management agreement.
“On the heels of our recent high-profile sales of The Phoenician and The Gritti Palace, 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,” said Adam Aron, CEO, Starwood.
Simon Turner, president of global development, Starwood, added: “We continue to see strong interest in our remaining owned hotels from a broad array of high-quality investors from around the world as we look for the right sale opportunities and long-term partners to create value for our shareholders.”
Opened in 1906, the property has a premium location on Via Veneto and is nestled between the Spanish Steps and the Borghese Gardens & Gallery. The 316-room hotel is adjacent to the American Embassy and close to all of Rome’s leading attractions, including the Colosseum, Pantheon and the Sistine Chapel.
Hotel amenities include two restaurants and a bar, a WestinWORKOUT Fitness Studio, Kami Wellness Center, an indoor pool and a 24-hour business center. With 14,000 sq. ft. of elegant meeting space, the property is a leading venue for wedding banquets, government delegations and meetings.
The transaction increases Katara Hospitality’s portfolio to 35 properties in operation or under development and marks its third owned hotel in Italy.