STAMFORD, Conn.--(BUSINESS WIRE)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has sold The Phoenician, A Luxury Collection Resort in Scottsdale, Arizona to Host Hotels & Resorts (NYSE:HST) for $400 million. Under Host’s ownership, The Phoenician will undergo a complete renovation, solidifying and enhancing its position as one of the preeminent luxury destination resorts in the United States. Starwood will continue to operate the hotel under The Luxury Collection® brand flag.
Adam Aron, CEO of Starwood on an interim basis, said: “This transaction, on the heels of our sale just a few weeks ago of The Gritti Palace in Venice, marks another important step towards Starwood achieving our stated goal of completing $800 million in asset sales by the end of 2015. The Phoenician is a one-of-a-kind asset and will remain an extraordinary resort in The Luxury Collection®. The vision of Host Hotels & Resorts to further enhance The Phoenician is one of many cornerstones in Starwood’s imaginative plans for The Luxury Collection® brand. With new hotel openings and more impressive renovations coming, Starwood is now setting out to transform The Luxury Collection® into the world’s largest luxury hotel brand.”
“We are thrilled to expand our partnership with Host Hotels & Resorts and look forward to working together to ensure the continued success of this spectacular resort,” said Simon Turner, President of Global Development for Starwood. “Starwood continues its focus on selling its owned properties to the right long-term partners, in order to create value for our shareholders. The strength and depth of the global capital markets and robust lodging industry fundamentals create an environment where we are continuing to see strong interest in our remaining assets from a broad, diverse and high-quality array of investors worldwide.”
Opened in 1988, The Phoenician, A Luxury Collection Resort boasts a scenic 300-acre setting at the base of Camelback Mountain. The AAA Five-Diamond, Forbes Four-Star rated Phoenician is ideally located in one of the premium resort markets in the southwest, within close proximity of the nightlife, galleries, museums and businesses of downtown Scottsdale. The 643-room resort features nine food and beverage outlets, approximately 83,500 square feet of indoor meeting space, and world-class recreation facilities, including a 27-hole championship golf course, seven outdoor pools and a 25,000 square-foot spa and fitness center.
The Phoenician, A Luxury Collection Resort, Scottsdale is the 36th Starwood property owned by Host Hotels & Resorts.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 1,200 properties in some 100 countries and over 180,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, Element® and the recently introduced Tribute Portfolio™. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG®), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood recently announced plans to spin off its Starwood Vacation Ownership, Inc. business, a premier provider of world-class vacation experiences through villa-style resorts and privileged access to Starwood brands, into a standalone public company by the end of 2015. For more information, please visit www.starwoodhotels.com.
About Host Hotels & Resorts
Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 97 properties in the United States and 16 properties internationally totaling approximately 59,000 rooms. The Company also holds non-controlling interests in five joint ventures, including one in Europe that owns 19 hotels with approximately 6,500 rooms and one in Asia that has interests in four hotels in Australia and India. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, Le Meridien®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Swissotel®, ibis®, Pullman®, and Novotel® in the operation of properties in over 50 major markets worldwide. For additional information, please visit the Company's website at www.hosthotels.com.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Further results, performance and achievements may be affected by general economic conditions including the impact of war and terrorist activity, natural disasters, business and financing conditions (including the condition of credit markets in the U.S. and internationally), foreign exchange fluctuations, cyclicality of the real estate (including residential) and the hotel and vacation ownership businesses, operating risks associated with the hotel, vacation ownership and residential businesses, relationships with associates and labor unions, customers and property owners, the impact of the internet reservation channels, our reliance on technology, domestic and international political and geopolitical conditions, competition, governmental and regulatory actions (including the impact of changes in U.S. and foreign tax laws and their interpretation), travelers’ fears of exposure to contagious diseases, risk associated with the level of our indebtedness, risk associated with potential acquisitions and dispositions and the introduction of new brand concepts and other risks and uncertainties. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission.