As part of its asset-light strategy, Starwood Hotels & Resorts Worldwide announced it has closed on the sale of The Gritti Palace in Venice to Nozul Hotels & Resorts, the owner of W Doha Hotel and a wholly owned subsidiary of Qatar-based Jaidah Holdings, for €105 million (approximately US$117 million). Starwood will continue to operate the hotel under The Luxury Collection brand flag under a new long-term management agreement.
Built in 1525 as the private residence of Doge Andrea Gritti, the 82-room Gritti Palace completed a restoration last May and features the Club del Doge restaurant, Bar Longhi and the Acqua di Parma Blu Mediterraneo Spa.
“As we said on our quarterly earnings conference call on April 29, Starwood reaffirmed our confidence that, as part of our asset-light strategy, we would complete US$800 million in hotel dispositions in the balance of 2015 while maintaining these hotels’ continued participation in the Starwood system,” said Adam Aron, Starwood’s interim CEO. “The sale of The Gritti Palace is an important and positive step toward achieving our 2015 target.”
“The sale of The Gritti Palace highlights our ongoing commitment to sell properties to the right long-term partners to create value for our shareholders,” added Simon Turner, president of global development for Starwood. “Amidst the strong transaction market, we’re seeing a surge in interest in our remaining assets from a broad array of investors worldwide.”