In addition, the hotelier states that it is negotiatingdefinitive agreements with another party to sell another four UShotels. Starwood did not disclose the potential buyer and theproposed sale price. That deal would involve 1,392 rooms in fourstates and include two Sheraton facilities and two Marriotthotels.

The pending sale of the 14-hotel portfolio is to a group ofinvestors that includes: Olympus Real Estate Partners, RockwoodCapital, Prudential Real Estate Investors and HEIHospitality.Olympus, Rockwood and HEI entered into a definitiveagreement to acquire 13, while New Jersey-based Prudential RealEstate Investors, in a joint venture arrangement with HEI, willacquire the 14th hotel.

The partnership plans to sell four of its 13 hotels that itdeems inconsistent with its investment criteria, for an undisclosedamount. Three of the properties are under binding agreements tosell. Smilezzzz Hospitality, an independent hotel managementcompany and wholly-owned subsidiary of HEI Hospitality, will managethe hotels.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.