Starwood sheds another asset for $250m
Katara Hospitality, a subsidiary of Qatar Investment Authority, has purchased a 316-room hotel in Rome for €222 million ($250 million). The seller, Starwood Capital Group, will continue to operate the hotel under a new long-term management agreement.
The seven-story Westin Excelsior includes two restaurants, a swimming pool and a fitness center.
As part of the deal, the historic hotel will be renovated in the next five years, including a top-to-bottom transformation of all guestrooms, as well as upgrades to the hotel’s public areas.
This is Katara Hospitality’s third property in Italy, and making it the top buyer in the Italian hotel market during the past two years, according to Real Capital Analytics. In October 2014, Katara Hospitality acquired the 161-room The St. Regis Rome for $138.8 million and the 192-room Intercontinental De La Ville Roma for an undisclosed price.
The sale follows Starwood’s goal of completing