The assets are part of the portfolio of 35 hotels to be sold to Host. The closing of these hotels was deferred as a result of certain notice periods and consents that had not been received prior to the closing of the sale of 28 of the hotels on April 10. The hotels will continue to be managed by Starwood under long-term management agreements. Lodging assets in the completed deal are two Sheraton hotels in Hayes, UK, and in Rome and two Westin hotels in Madrid and in Milan. Starwood and Host intend to close shortly on three more hotels--two Westin hotels in Venice and Fiji and a Sheraton on Fiji. A deal on the Sheraton Warsaw Hotel & Towers closed last month.
A statement by Host's legal advisers, Hogan & Hartson, said: "This was an important transaction, being the first substantial European hotel acquisition and financing involving a REIT structure. The transaction involved negotiating a complex range of sophisticated agreements addressing ownership of the properties as well as hotel operations and finance."
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