Jun. 8, 2015, 6:12 PM
- Starwood Hotels (NYSE:HOT) is selling The Phoenician, a luxury resort located in Scottsdale, AZ, to Host Hotels (NYSE:HST) for $400M in cash.
- The deal follows the $117M sale of Starwood's Gritti Palace hotel in Venice, Italy, and is declared to be another step towards hitting a goal of selling $800M worth of assets by year's end.
- The Phoenician will "undergo a complete renovation" under Host's ownership. Starwood will continue operating the property via its Luxury Collection brand flag.
Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust. The company conducts operations solely through Host Hotels & Resorts L.P. and its subsidiaries. Its portfolio consists of luxury and upper upscale properties in the United States under... More
Industry: REIT - Hotel/Motel
Country: United States