After the Excelsior Gallia de Milan and the InterContinental in Rome, the sovereign wealth fund Katara Hospitality bought the walls of the Westin Excelsior Rome from Starwood Hotels & Resorts.
Starwood Hotels & Resorts is pursuing its asset disposal policy with the sale of the Westin Excelsior Rome to Katara Hospitality for €222 million and a promise from the new owner to fully renovate the property within five years, including full transformation of its 316 rooms and suites. The American group also signed a long term management contract in order to keep the property within its inventory.
Adam Aron, interim CEO at Starwood Hotels, is proud to have surpassed the benchmark of $800 million in sales that he had set for 2015, after the respective sale of the Phoenician in Arizona and the Gritti Palace in Venice. The group continues to be the subject of takeover speculations following the announcement of a "strategic review" to improve the value of the business for its shareholders.
For Katara Hospitality, which set a goal to open 50 owned luxury hotels in the next five years, the benchmark of 35 hotels was reached with this emblematic acquisition on the Italian market,
Opened in 1906, on Via Veneto, the Westin Excelsior Rome is very close to major attractions such as the Spanish Steps and the Borghese gardens, as well as shopping streets.
Also read:
Katara Hospitality seeks acquisition of five European hotels
The Peninsula Paris prepares its grand opening
Katara Hospitality is ready to take the majority of Fairmont Raffles International
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