Starwood Hotels & Resorts Worldwide on Tuesday announced it has sold its leasehold interest in The Park Lane Hotel, London, for an undisclosed price to Sir Richard Sutton’s Settled Estates (SRSSE). Starwood will continue to operate the hotel under a new long-term management contract under the Sheraton flag.
Starwood stated SRSSE will start a complete renovation of the 303-room property this fall and upon completion more clearly rebrand the hotel as the Sheraton Park Lane.
“Our new long-term management contract for this hotel puts a foothold for the Sheraton brand in the center of London, and the property will offer a unique experience to our guests and corporate customers for many years to come,” said Michael Wale, president, Europe, Africa and the Middle East, for Starwood Hotels & Resorts Worldwide.
Starwood has stated it is in the process of increasing its Sheraton footprint through US$11 billion in enhancements — a development effort that follows the recent three-year, multibillion-dollar revitalization of its brand and guest experiences.
As Starwood’s largest brand, Sheraton currently boasts more than 430 hotels and has more than 100 hotels in the development pipeline.