Starwood Hotels & Resorts Worldwide on Wednesday announced that it has agreed to sell The Westin Excelsior Rome to Qatar’s Katara Hospitality for $251 million.
As part of the deal, the historic hotel will be renovated in the next five years, including a transformation of all guestrooms, as well as upgrades to the hotel’s public areas.
The hotel will continue to be operated by Starwood under a new long-term management agreement, a statement said.
Adam Aron, interim CEO of Starwood, said: “On the heels of our recent high-profile sales of The Phoenician and The Gritti Palace, along with other hotel asset transactions, the sale of the Westin Excelsior Rome brings us to $817 million of hotel assets sold so far this year.”
“This agreement marks our third property in Italy. The Westin Excelsior Rome is the epitome of what Katara Hospitality looks for in a hotel,” said Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani, chairman of Katara Hospitality.
“Its grand and statuesque appearance is the ultimate in luxurious hospitality. The hotel is a welcome addition to our growing global portfolio of iconic properties, and we are delighted to be continuing to set the standard for luxury hospitality the world over,” he said.
Opened in 1906, The Westin Excelsior Rome boasts a premium location on Via Veneto, one of Rome’s most celebrated streets.
The award-winning, 316-room hotel is adjacent to the American Embassy and close to all of Rome’s leading attractions, including the Colosseum, the Pantheon and the Sistine Chapel.
Hamad Abdulla Al-Mulla, CEO of Katara Hospitality, added: “For more than a century, this legendary hotel has provided exceptional hospitality and hosted dignitaries and celebrities, as well as business and leisure travelers. We look forward to making further improvements to The Westin Excelsior Rome and continuing its long-standing tradition of excellence.”
The transaction increases Katara Hospitality’s portfolio to 35 properties in operation or under development and marks its third owned hotel in Italy. Arabian Business