Starwood Sells The Westin Gaslamp Quarter for $110 Million - Owner to Invest $23 Million in Property

Discussion in 'Starwood | Preferred Guest' started by AmericanGirl, Apr 9, 2011.  |  Print Topic

  1. AmericanGirl
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    AmericanGirl Silver Member

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    http://www.hotelnewsresource.com/article53804.html

    Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced that it has sold The Westin Gaslamp Quarter to a wholly-owned subsidiary of Pebblebrook Hotel Trust (NYSE: PEB), for $110M, with a commitment of approximately $23 million in property enhancements to be completed prior to the end of 2012 for a total investment in the property of $133M.

    The sales price represents a multiple of approximately 14 times anticipated 2011 Hotel EBITDA exclusive of the capital commitment. Starwood will continue to operate the hotel under its upper-upscale Westin flag and will maintain a 20-year management agreement with two ten- year extension options, exercisable by Starwood. The Westin Gaslamp Quarter will continue to serve guests throughout the transition and provide the signature services and amenities the Westin brand is renowned for at the heart of San Diego’s vibrant Gaslamp Quarter historic district.
     
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  2. Kalboz
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    Kalboz Gold Member

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