Starwood Hotels & Resorts has sold The Gritti Palace, Venice to Nozul Hotels & Resorts, a subsidiary of Qatari conglomerate Jaidah Holdings, for $117 million.
Starwood will continue to operate the hotel under The Luxury Collection brand flag under a new long-term management agreement, the hotel group confirmed.
Adam Aron, CEO of Starwood on an interim basis, said the sale was part of the group’s planned sale of hotels.
“As we said on our quarterly earnings’ conference call on April 29th, Starwood reaffirmed our confidence that, as part of our asset light strategy, we would complete $800 million in hotel dispositions in the balance of 2015, while maintaining these hotels’ continued participation in the Starwood system. The sale of The Gritti Palace is an important and positive step toward achieving our 2015 target,” said Aron.
Simon Turner, president of Global Development for Starwood said the sale of The Gritti Palace to Jaidah Holdings, which also owns the Starwood-managed W Doha Hotel in Qatar, would ensure the future success of “one of the world’s most iconic hotels”.
“The sale of The Gritti Palace, Venice highlights our ongoing commitment to sell properties to the right long-term partners to create value for our shareholders. Amidst the strong transaction market, we’re seeing a surge in interest in our remaining assets from a broad array of investors worldwide,” Turner said.
Built in 1525 as the private residence of Doge Andrea Gritti, The Gritti Palace has built a reputation as one of the world’s most iconic and luxurious hotels.
Many of the property’s 82 rooms (including 21 suites) offer views of the Grand Canal and Santa Maria della Salute.
The hotel completed a significant restoration last May and features the world-renowned Club del Doge restaurant, Bar Longhi, and the Acqua di Parma Blu Mediterraneo Spa. Published in Arabian Business