In announcing the sales, Starwood CFO Ron Brown says, "Starwood has and will continue to divest non-strategic assets. Proceeds from these sales are targeted for higher yield projects, debt reduction and share repurchase." He also notes that two other undisclosed properties are under contract and are expected to close by year-end 2000 and the first quarter 2001.
Following the close of the transactions, Starwood's proceeds from total asset sales in 2000 will top $400 million. More than $7 billion in non-strategic asset sales have been completed since Starwood's acquisition of ITT Sheraton in 1998.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
