Starwood Hotels Announces Sale Of Vienna Property As Part Of A Commitment Towards' Advancing Our Asset Light Strategy'

on Monday it has agreed to sell its Hotel Imperial, a Luxury Collection Hotel, in Vienna Austria to Al Habtoor Investment for $78.8 million. Al Habtoor Investment is the investment arm of the UAE conglomerate Al Habtoor Group. As part of the agreement, Hotel Imperial will continue to operate under the Luxury Collection brand with a new long-term management agreement. Thomas Mangas, Starwood's CEO commented in the company's press release that the transaction is part of management's commitment to "advancing our asset light strategy to create value for our shareholders." In fact, the company exceeded its $800 million asset disposition target in 2015. Starwood Hotel's stock showed no trades early Tuesday morning.