EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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| FROM: |
STARWOOD HOTELS & RESORTS WORLDWIDE, INC. (914-640-8247) |
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| Media Contact: |
Katie Meyer, VP, Public Relations of Starwood Hotels &
Resorts Worldwide, Inc. (914-640-8247) |
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Melissa Henninger, Director of Public Relations of Westin Hotels
& Resorts (914-640-5268) |
Starwood Finalizes Sale of The Westin St. Francis for
$243 Million
WHITE PLANS, N.Y., April 27/ PRNewswire/ —
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), on
behalf of The Westin St. Francis Limited Partnership,
announced today the close of the sale of the 1,192-room Westin
St. Francis in San Francisco to BRE/ St. Francis L.L.C. of New
York for $243 million. Of the net proceeds, approximately $55
million will be paid to Starwood.
This transaction is strictly a change in ownership.
Starwood’s Westin brand will continue to operate the hotel
under a long-term management agreement.
Originally built in 1904, The Westin St. Francis is nearing
completion of an extensive $65 million restoration that began in
1994. Highlights of the project include refurbishment of all
guest rooms, installation of upgraded security and safety
systems, restoration of the hotel’s sandstone exterior and
the addition of two premier function rooms on the newly-named
“Imperial Floor.” The Westin St. Francis is a city
landmark located in the heart of San Francisco shopping district
on Union Square, and it is close to both the Moscone Convention
Center and the city’s financial district. Westin has managed
the landmark property since 1954.
Starwood currently represents over 3,400 rooms in San Francisco
including The Westin St. Francis, The Westin San Francisco
Airport, the Palace Hotel, W San Francisco, the Sheraton at
Fisherman’s Wharf and the Sheraton Gateway Hotel at San
Francisco International Airport.
Starwood Hotels & Resorts, through its St. Regis, Luxury
Collection, Westin, Sheraton, Four Points and W brands, is one
of the leading hotel and leisure companies in the world with more
than 700 hotels in 80 countries and 120,000 employees at its
owned and managed properties. SOURCE Starwood Hotels &
Resorts Worldwide, Inc.
CONTACT: Katie Meyer, VP, Public Relations of Starwood
Hotels & Resorts Worldwide, Inc., 914-640-8247; or
Melissa Henninger, Director of Public Relations of Westin Hotels
& Resorts, 914-640-5268.
