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Starwood Hotels & Resorts closes on sale of The Gritti Palace in Venice

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Published on 13/05/15 - Updated on 17/03/22

Gritti Palace

The iconic Gritti Palace will Continue to be operated by Starwood Hotels & Resorts under a long-term Management Contract.

Starwood Hotels & Resorts Worldwide announced that it has closed on the sale of The Gritti Palace, Venice to Nozul Hotels & Resorts, the owner of W Doha Hotel, and a wholly owned subsidiary of "Jaidah Holdings" for €105 million (approximately $117 million USD). Starwood will continue to operate the hotel under The Luxury Collection brand with a new long-term management agreement.

Built in 1525 as the private residence of Doge Andrea Gritti, The Gritti Palace has built itself a reputation as one of the world's most iconic and luxurious hotels. Many of the property's 82 rooms (including 21 suites) offer breathtaking views of the Grand Canal and Santa Maria della Salute. The hotel, which joined The Luxury Collection brand in 1992, completed a significant restoration last May.

Adam Aron, CEO of Starwood on an interim basis, commented: "As we said on our quarterly earning's 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."

On January 1, 2015, Starwood Hotels & Resorts was the 7th group worldwide in terms of number of rooms with 346,599 units at 1,207 properties according to MKG Hospitality, consulting firm founded by Georges Panayotis. (Read our article).

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