Starwood Sells the St Regis Aspen for $70 Million (HOT)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that they have sold the 179-room St. Regis Aspen for $70 million to 315 East Dean Associates Inc., a Delaware Corporation represented by Bangkok-based OptAsia Capital Co.
The sales price is immediately accretive to earnings and represents a multiple of 17 times anticipated 2010 EBITDA. Starwood will maintain a 50 year management agreement and continue to operate the resort under its ultra-luxury St. Regis flag. Guest service and hotel operations will continue uninterrupted, providing seamless signature St. Regis service and exceptional guest experience which distinguishes the brand's properties around the world.
In addition to the purchase price, the buyer has committed to a major renovation of the resort, including the refurbishment of all hotel guest rooms and public areas and incorporating the extensive courtyard space into dining outlets for year-round offerings, including enhanced après-ski use.
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