WHITE PLAINS-The White Plains-based hotelier Starwood Hotels and Resorts Worldwide Inc., has sold three hotels for $16 million and has another two facilities under contract for $30 million. Starwood officials say the hotels are “non-strategic assets.” The company has sold the Glenarm Building in Denver, the Best Western in Albuquerque and the Four Points Hotel in Atlanta.

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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